4: Contract Law Flashcards
What is an “injunction”?
An injunction is a judicial order that restrains a person from doing something or orders someone to do something.
What is “specific performance”?
Specific performance is an equitable remedy that a court may make which orders the parties to the contract to fulfil their obligations under it.
What is a “mereva injunction”?
A mereva injunction is an order of the court that prevents a defendant to an action from disposing of the asset(s) or transferring them from the jurisdiction.
What is a “rescission”?
A rescission is the revocation or a cancellation of a contract. The effect is to bring the parties to the contract back to the position that they were in before the contract was effected.
What is “consideration”?
Consideration is defined as “a tangible benefit that is exchanged as part of a contract. It usually consists of a promise to do or not to do something or to pay a sum of money.”
