Contract Flashcards
Def: privity of contract
is a common law principle which provides that a contract can not confer rights or impose obligations upon any person which is not a party to the contract
Def: consideration
Something if value which a party is not already entitled, given in exchange for contractual promises
Executory consideration
A promise to do something in return for a like promise
Is an advert an invitation to treat
Yes
When does the postal rule not apply
In revoking a contract (only applies to accepting)
What laws are there for email acceptance?
None
Must consideration be sufficient, adequate or both?
Must be sufficient but need not be adequate
When is executors consideration made?
At the time of the contract
What’s the difference between adequate and sufficient?
Adequate is equal to requirement where as sufficient is within a relevant range of the requirement
Who is a contract of service for?
An employee
Who is a contract for services for?
A contractor
How long is bereavement?
2 weeks, paid
What is the duty of fidelity?
The law to provide faithful service
A contract of sale of land must be in what form?
Writing
Can an exclusion remove all liability for breach of contract?
Yes
Def: legal capacity
The formal ability to hold and to exercise rights and duties
What form must an appointment of an agent be in?
Can be oral (does not have to be writing)
What is a memorandum of association?
A legal systems signed by all initial shareholders or guarantors agreeing to form the company
Do preference shares carry the same voting rights as ordinary shares?
Yes unless for an express provision
What powers does an administrator have?
That if a director plus some in the insolvency act
What level does the ring fencing provision apply to?
Over £10,000
With an terms will losses in a partnership be split equally or to the same proportion as the profit sharing
In the same proportion as the profits would be split
What’s the difference between corruption and bribery?
Bribery is limited to the giving or acceptance of payment of other illegitimate advantages. Corruption includes any illegitimate use of office including a range of different types of crime
