Chapter 12: The Essential Elements of a Contract Flashcards

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1
Q

Consequence for missing elements of a contract

A

The absence, unlawfulness or defectiveness of any of these elements renders the contract void.

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2
Q

Principle of cognition (agreement - essential elements of a contract)

A

In Italy, a contract is entered into based on the principle of “cognition” (when the offeror receives notice of acceptance), unless he can prove he was unable to receive it.

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3
Q

Revoking an offer (agreement - essential elements of a contract)

A

An offer may be revoked before it is entered into. However, if the party has (in good faith) started performance, the offeror is liable for damages.

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4
Q

Irrevocable offers (agreement - essential elements of a contract)

A

An irrevocable offer is when the offeror agrees to keep the offer for a fixed period of time.

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5
Q

Acceptance of an offer (agreement - essential elements of a contract)

A

Acceptance must match the offer exactly (silence ≠ acceptance)

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6
Q

Preliminary contracts (agreement - essential elements of a contract)

A

Parties may enter in preliminary contracts (binds them to enter into contract).

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7
Q

The causa (essential elements of a contract)

A

The causa is the aim of the contract (conferred with the intention to enrich the recipient).

An unlawful causa is one that goes around the application of the rule (fraud).

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8
Q

The subject matter (essential elements of a contract)

A

Must be possible, lawful and determined/determinable (define performance due).

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9
Q

The form (essential elements of a contract)

A

The form is up to the will of parties. It may be simple written (signed), involve authenticated signatures, or authenticated CONTENTS

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10
Q

Functions of a form (essential elements of contract)

A

The form has the function to evidence agreement, provide caution and channeling (allow for enforceability).

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11
Q

Evidence in writing (form - essential elements of a contract)

A

Rather than written form requirement, some contracts may be evidenced in writing (they may not contain all elements but still be binding).

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