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Law All Chapters/Powerpoints > Chapter 3 > Flashcards

Chapter 3 Flashcards

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1
Q

Contract

A

a written or oral promise exchanged for another promise or for a performance that the law will enforce

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2
Q

6 Essential Elements of a Contract

A 
offer
acceptance
consideration
intention
capacity
legality
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3
Q

Unilateral Contracts

A

promise for performance. the performance brings the contract into existence

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4
Q

Bilateral

A

promise for a promise. The exchange of promises brings the contract into existence)

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5
Q

Invitation to Treat

A

inviting another person to make an offer

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6
Q

Offer

A

a tentative promise

may be conditional

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7
Q

Lapse Offers

A

offeree fails to accept by deadline
offeree fails to accept w/in a reasonable time if there is no deadline
a party dies, or loses the capacity to contract

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8
Q

Option

A

A agreement by an offeror to leave an offer open for a specific time periods

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9
Q

Revocation of an Offer

A

can be revoked before it is accepted

has no legal consequence

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10
Q

Counter Offer

A

if an offere amends or changes the terms of the contract

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11
Q

Acceptance

A

2nd essential element of a contract

offeree accepts the fastest method. must be made in a timely fashion.

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12
Q

Consideration

A

the exchange of benefits
the price one party is willing to pay for the promise of another.

need not be fair, can be represented by a seal (bind w the absence of considerations)

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13
Q

Gratuitous promises

A

a promise w/ no consideration in return. typically have no remedy in law. typically don’t involve a contract

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14
Q

Seals

A

Binding (for contracts) even when there are no considerations

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15
Q

Unconscionable Transactions

A

When a Judge feels the considerations are UNFAIR b/c of:

lopsided bargaining power
abuse of power
breach of fiduciary duty

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16
Q

Intention (to create a legal relationship)

A

OBVIOUS

each party must intent to create a contract.
language may be used to express intent
intent can be inferred.

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17
Q

Capacity

A

Both of the parties must have the capacity to enter into the contract.

If one of the parties lack the capacity to enter into the contract the contract maybe VOID/VOIDABLE

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18
Q

Repudiate

A

deny the application of a contract of deal

19
Q

Factors to consider w/ capacity (list)

A 
Mental illness, substance intoxication, senility
Minors
Agents & Principles
Power of Attorney
Spouses/ Cohabitants
Business Partners
Corporations
Native People
Diplomatic Immunity
Enemy Aliens
Bankrupts
20
Q

Mental Illness (Capacity)

A

If a person can prove that at the time of contract they were incapacitated they may REPUDIATE or choose to enforce the contract

21
Q

Minors (Capacity)

A

Only enforceable when the contracts are beneficial to the minor.

contracts for employment
necessity of life such as legal/medical advice

Designed to protect minors.

22
Q

Agents & Principles

A

Agents are authorized by principles to act on their behalf and enter into contractual agreements

think hockey players and agents

23
Q

Power of Attorney (Capacity)

A

Special agreement, where by the donor in writing grants power to the attorney to act on his behalf.

24
Q

Business Partners (Capacity)

A

partners can bind, and be bound by other partners.Unless the partners conduct is out of scope of the partners authority to the knowledge of the affected third party. Retired business partners may still be liable

25
Q

Corporations (Capacity)

A

Can not act except through authorized officers. But not necessary to verify that person is an officer- needs to only appear to have authority

26
Q

Native People (Capacity)

A

Cannot be bound by a contract on reserve land

27
Q

Democratic Immunity

A

beyond the jurisdiction of canada. renting a hall example- not bound to pay by canadian law

28
Q

Enemy Aliens

A

Peacetime ( defined by residency not citizenship) have the same contractual rights as canadians

During hostility they lose their capacity to contract unless the contract is of clear benefit to canada.

29
Q

Legality (Essential Element 6)

A

The purpose of a contract must not be illegal or against public policy

30
Q

8 Contracts that must be in writing

A

Land
Marriage
Co-signing (debt)
Estate trustees promise to pay out of own pocket
Agreements with minors that must be ratified (when they are of age)
Sale of goods over a specific value
Agreement to deliver goods at a future date

31
Q

Privity of Contract

A

Only those who are parties to a contract can enforce the rights and obligations it contains

32
Q

8 Exceptions to the Privity Contract

A 
Torts Law Bypass
Principals of Agents
Vicarious Liability
Corporations formed by Amalgamation
Collateral Warranties
Novation (replacing a person w/ a new person who assumes the obligations)
Interests in Land
Assignments of Rights
Trusts
Life Insurance Policies
33
Q

Allocation of Risk

A

COD- seller remains title
FOB- buy acquires title

CIF- buyer acquires title but the seller is responsible for the cost/risks of delivery

34
Q

Voidable Contracts

A

Have No Legal effect.
Happen when 1 of the 6 essential elements of a contract is missing, or if the contract is defective

The innocent party may
rescind the contract
insist on performance

35
Q

Contra Proferentum

A

interpretation in standard form is strictly against the drafting party

36
Q

Parole Evidence Rule

A

Once a contract is written it cannot be changed w/o consent of both parties

37
Q

Disclaimers

A

contra proferentum

38
Q

Discharge of Contracts (4)

A

Performance
Agreement
Frustration
Operation of Law

39
Q

Impeachment of Contracts (5)

A 
Duress
Under the Influence
Mistake
   common, mutual, unilateral
Misrepresentation
   innocent, fraudulent, negligent
When the utmost good faith was not demonstrated
40
Q

It’s not my deed

A

non est factum

to describe a difference in signed contracts

41
Q

Breach of Contract

A

When a major term or condition is breached

repudiation (innocent can sue for damages)
failure to perform (partial to complete)
sabotage

42
Q

Remedies for a Breached Contract (6)

A 
Rectification (fix typos)
rescission (returned to pre contract state)
damages (general, punitive, exemplary)
injunction
specific performance
quantum meruit
43
Q

Reasonable worth of a good

A

quantum meruit

44
Q

Duty to Mitigate

A

an injured party has the responsibility to mitigate (contain) the damages as much as reasonably possible

Law All Chapters/Powerpoints (13 decks)

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