Basic Contract Law Flashcards
What’s deed
Speciality contract - legal document
What are three elements of contract
Offer
Acceptance
Exchange also called payment - legal term is consideration
Other events :
Intention to create legal relationship
Capacity - both parties not minors
Freedom of consent - both parties consent
Freedom from illegality - can’t be illegal act
Placing advert is Invitation to treat
What does it mean
Invitation to negotiate
When contract comes into existence
When u have offer , unconditional acceptance and payment ( consideration )
What does it mean consideration
Consideration or payment is price of promise :
It doesn’t have to be money
What are 4 ways to end contract
Ageeement
Performance
Breach
Frustration
What is performance
It’s fulfilling contract
Specifics performance
Remedy where when there is breach eg landlord is ordered to vacate property
It’s where you are required to perform obligation
Injunction what two type we have
Prohibitory
Mandatory
What does Limitation Act 1980 says
Personal injury 3 years , breach of contract 6 years
Context rules?
3 ps
Property address
Property price
Parties
What is tenancy agreement called if it’s more than 3 years
Deed
Conveyance is
Exchange of contract - transaction involoving sale of land and periphery
Transfer of property
The conveyance is made by deed
Deed is formal written doc signed by all parties
Can Short leases for 3 years or less be oral
Yes
What’s the meaning of tort
Tort means wrong
