Contract 1 - Formation Flashcards
1
Q
What are the elements of a contract?
A
- Agreement
- Intentional to be legally bound
- Consideration
2
Q
What contracts are required to be in writing?
A
- Guarantees
- Sale of land
- Consumer credit agreements
3
Q
What is a contract by deed?
A
A document that intends to be a deed
Has to be in presence of witness and ‘delivered’
Examples:
1. Gifts
2. Transfer of Land
4
Q
What is the difference between a simple contract and contract by deed?
A
Simple contract: claim for breach within 6 years
Deed: claim for breach within 12 years
5
Q
What is the meeting of minds and how is it assessed?
A
When one party accepts the others offer
Objective standard: did the words or conduct of parties show intention to enter into a contract?
