Chapter 6 Flashcards

1
Q

contract

A

promise, or set of promises that the law will enforce

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2
Q

Formation of a contract

A

7 elements:

1) offer
2) acceptance
3) consideration
4) intention to create legal relations
5) capacity
6) legality
7) certainty of terms

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3
Q

Offer

A
  • tentative promise made by one party, subject to a condition or containing a request to the other party
  • must be definite and certain, and must be communicated to intended recipient
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4
Q

Standard Form Contract

A
  • most common type of contract
  • take it or leave it offer
  • no negotiating over terms
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5
Q

Advantages and disadvantages of SFC

A

Advantages

  • highly efficient
  • fast and easy

Disadvantages

  • inequality of bargaining power
  • little to no room to negotiate terms

Unusual or unexpected terms must be pointed out during the time of the contract formation or the term will be struck from contract by the court

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6
Q

Counter offer

A

cannot revive offer once rejected, has to be presented as a new offer

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7
Q

Acceptance

A
  • final unqualified consent to the terms of the offer

- must be communicated to offeror by word or conduct

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8
Q

Timing of Acceptance

A

revocation - offeror can revoke offer any time up to acceptance

  • exceptions:
  • where offeree has paid money to keep offer open
  • where offer was made under seal
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9
Q

Communication of Acceptance

A

method of acceptance should be reasonable in circumstances and reasonable to the offer

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10
Q

Jurisdiction

A

Location where contract was formed is determined by where acceptance is accepted

Important in determining of what province or country’s laws will govern that contract

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