3.1 Law of contract Flashcards
1
Q
What’s a common mistake
A
both make the same mistake about the fundamental term of the contract
2
Q
Mutual mistake
A
innocent. both make a mistake, but it’s not the same one
3
Q
unilateral mistake
A
Deceiet. one party is mistaken, the second is aware but does nothing.
4
Q
What is the doctrine of Privity
A
only the parties to a contract have a right to sue or to be sued (no land involved)
exceptions: assignment and interest in land
5
Q
Assignment of contract
A
assign away benefits to a third party but cannot assign liabilities
assignment is for the whole amount and can’t charge a fee
6
Q
Types of assignment
A
equitable and statutory
7
Q
When there is a seal in a contract
A
no need for consideraton
8
Q
Voidable contract
A
Has an option to be cancelled by either party
