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ICAEW Law 01: Contract formation. > 01. Validity. > Flashcards

01. Validity. Flashcards

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1
Q

A contract may be evidenced by W*, W or A.

A

writing

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2
Q

A contract may be evidenced by W, W* or A.

A

words

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3
Q

A contract may be evidenced by W, W or A*.

A

action

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4
Q

A contract may be evidenced by …

A

writing, words or action.

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5
Q

A … is an agreement, supported by consideration, made with the intention to create legal relations.

A

contract

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6
Q

A contract is an agreement, supported by …, made with the intention to create legal relations.

A

consideration

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7
Q

A contract is an agreement, supported by consideration, made with the intention to create …

A

legal relations

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8
Q

An agreement between a large retail company and an individual consumer is likely to be a …

A

standard form contract

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9
Q

The general principle that parties may contract on whatever terms they choose, so long as they are legal.

A

Freedom of contract

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10
Q

The Sale of Goods act implies terms into consumer contracts, thereby modifying the legal principle of …

A

freedom of contract

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11
Q

A ‘contract’ that is not a contract at all.

A

void contract

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12
Q

Neither party is bound by a … contract.

A

void

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13
Q

One party may set aside a … contract.

A

voidable

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14
Q

A ‘contract’ that one party may set aside.

A

Voidable contract.

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15
Q

Property transferred under a … contract is usually recoverable.

A

void

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16
Q

Property transferred under a … contract prior to one party setting it aside is NOT usually recoverable.

A

voidable

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17
Q

Void contract.

A

Not a contract at all.
Neither party is bound by it.
Property transferred under it can generally be recovered.

18
Q

Not a contract at all.
Neither party is bound by it.
Property transferred under it can generally be recovered.

A

Void contract.

19
Q

Voidable contract.

A

A contract which one party may set aside.

Property transferred before avoidance is NOT usually recoverable.

20
Q

A contract which one party may set aside.

Property transferred before avoidance is NOT usually recoverable.

A

Voidable contract.

21
Q

Situations making contracts void/voidable: V* (I, OPP) V (LoC - EYO and of SM, AOFW -no D or UI, M).

A

void

22
Q

Situations making contracts void/voidable: V (I*, OPP) V (LoC - EYO and of SM, AOFW -no D or UI, M).

A

illegality

23
Q

Situations making contracts void/voidable: V (I, OPP*) V (LoC - EYO and of SM, AOFW -no D or UI, M).

A

offends public policy

24
Q

Situations making contracts void/voidable: V (I, OPP) V* (LoC - EYO and of SM, AOFW -no D or UI, M).

A

voidable

25
Q

Situations making contracts void/voidable: V (I, OPP) V (LoC* - EYO and of SM, AOFW -no D or UI, M).

A

lack of capaciy

26
Q

Situations making contracts void/voidable: V (I, OPP) V (LoC - EYO* and of SM, AOFW -no D or UI, M).

A

eighteen years old

27
Q

Situations making contracts void/voidable: V (I, OPP) V (LoC - EYO and of SM*, AOFW -no D or UI, M).

A

sound mind

28
Q

Situations making contracts void/voidable: V (I, OPP) V (LoC - EYO and of SM, AOFW* -no D or UI, M).

A

absence of free will

29
Q

Situations making contracts void/voidable: V (I, OPP) V (LoC - EYO and of SM, AOFW -no D or UI*, M).

A

duress or undue influence

30
Q

Situations making contracts void/voidable: V (I, OPP) V (LoC - EYO and of SM, AOFW -no D or UI, M*).

A

misrepresentation

31
Q

A pre contractual statement of fact that induces a party to enter into a contract which nevertheless turns out to be untrue.

A

misrepresentation

32
Q

In order to posess the capacity to enter into a contract a natural person must be…

A

aged 18 or over and of sound mind

33
Q

A contract to whose terms a party can be held.

A

Enforecable contract.

34
Q

Enforceable contract.

A

A contract to whose terms a party can be held.

35
Q

Unenforceable contract.

A

A ‘contract’ to whose terms a party can NOT be held.

36
Q

A ‘contract’ to whose terms a party can NOT be held.

A

Unenforceable contract.

37
Q

Certain contracts, for example those regarding Consumer Credit or Land Transfers are only enforceable if they are …

A

in writing.

38
Q

Contracts which must be in writing: LT*, CC, CG

A

land transfers

39
Q

Contracts which must be in writing: LT, CC*, CG

A

consumer credit

40
Q

Contracts which must be in writing: LT, CC, CG*

A

credit guarantees

41
Q

An electronic signature (may/may not) be used as written evidence of the validity of a contract.

A

May.

ICAEW Law 01: Contract formation. (8 decks)

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