16. Key legal concepts Flashcards
Legal Person
a person who can enter into legal contracts
x7 Binding contract
- offer and acceptance
- considerations
- Capacity to contract
- Certain terms and free from doubt
- Intention to create a legal partnership
- Legality of object
- Entered into freely
Caveat Emptor
Buyer BewArE
Uberrima fides
Utmost good faith
3x things if there is a Breach of contract
- Damages
- Order of specific performance
- Injunction
Agent
Acts on behalf of the principal within specific boundaries to conclude contracts
Apparent Authority
Something either done or said by the principal that leads to the impression that they have authorised the agents actions
Principal
The party granting permission to the agent to act on their behalf
ratification
actions taken by the agent without authority
then later giving permission
realty
property deemed to be real (real estate )
Personalty
All other property
Joint tenants
100% owned by each
Tenants in common
regarded as a single owner
Power of attorney
Legal responsibility to act on behalf of another person
Enduring Power of attorney
Client starting to lose mental capacity