1. Introduction to Formation of Contracts Flashcards

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1
Q

What three elements are required for a contract?

A
  1. Agreement (offer and acceptance)
  2. Intention to be legally bound
  3. Consideration
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2
Q

What are three ways a simple contract can come into existence?

A
  1. In writing
  2. Orally
  3. Through conduct of parties
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3
Q

What are three examples of contracts which must be in writing?

A
  1. Guarantees
  2. Contracts for sale of land/disposition of an interest in land
  3. Consumer credit agreements
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4
Q

How are contracts in electronic form typically treated?

A

They will be considered properly executed as if they were in writing

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5
Q

What is a deed?

A

A document which makes it clear on its face that it is a deed

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6
Q

What are the two requirements for a deed?

A
  1. Executed by the parties to it in the presence of a witness and
  2. It must be delivered to all the parties involved to be effective
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7
Q

In the context of a deed, what does delivered mean?

A

Any act indicating the parties’ intention to be bound

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8
Q

What are two instances where a contract must be made via deed to be enforceable?

A
  1. Promises where nothing is received/promised in return (avoids consideration issue)
  2. Conveyance/transfers of land (the actual land itself; not to be confused with the contract to sell/dispose of an interest in land)
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9
Q

Why is the differentiation between a simple contract and a contract by deed so important?

A

12 years to bring a claim for breach, as opposed to 6

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