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BLAW FINAL > CONTRACT > Flashcards

CONTRACT Flashcards

1
Q

definition of contract

A

a legal enforceable agreement or a bargain

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2
Q

element of contract

A
  1. intention to create legal relations
  2. offer and acceptance
  3. consideration
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3
Q

purpose of contract law

A

to protect the reasonable expectation of the parties

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4
Q

definition of implied term

A

a term read-in by the court to the parties

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5
Q

bilateral contract

A

an exchange of promises, each party makes and promise to the other and in return.

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6
Q

unilateral contract

A

an exchange of an act for a promise, only one promise and one performance.

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7
Q

postal rule

A

for non-instantaneous communication, the offer is accepted when the offeree submits the acceptance.

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8
Q

general rule

A

for instantaneous communication, the offer is accepted when the acceptance is received by the offeror.

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9
Q

privity of contract

A

only the parties to a contract can enforce the contract as they are the only ones who paid for the bargain and exchanged promises for performance
exceptions: assignment, trusts, agency

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10
Q

misrepresentation

A

a false statement of a material fact intend to and did induce a contract.

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11
Q

innocent misrepresentation

A

a false statement of a material fact by one party who unware the statement was untrue.

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12
Q

fraudulent misrepresentation

A

a false statement of a material fact by one party known to be false or made willfully blind or reckless as to its truth.

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13
Q

implied term in Sale of Good Act

A
  1. the goods are of merchantable quality
  2. the goods are durable for a reasonable time
  3. the goods are fit for the particular purpose they were intended for
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14
Q

firm offer

A

the offeror has left the offer open for acceptance for a certain period of time
can be revoked, when the offeror withdrawn, offeror must communicate the withdrawal to the offeree

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15
Q

actual authority

A

a principle gives an agent the authority to do something on their behalf
the principle is bound by the acts of the agent

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16
Q

apparent authority

A

the reasonable impression that the principle gave the agent the authority to do something on their behalf, whether principle gave or not

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17
Q

ticket cases

A

the party issuing the ticket must draw attention to the exclusions of liability on the back of the ticket or on a sign at the ticket office

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18
Q

rescission

A

set aside a contract, place the parties in the position they were in before signing the contract

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19
Q

sufficiency consideration

A

anything of value

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20
Q

adequacy consideration

A

equality in exchange

21
Q

option

A

collateral contract, the parties agree an offeror may accept the offer and the offeror may not revoke the offer for a certain period of a time

22
Q

counter-offer

A

a rejection of the original offer, but a willingness to enter a contract on different terms.

counteroffer kills the original offer completely and forever, the original one is no longer exist

23
Q

implied terms

A
  1. usage and custom
  2. good faith
  3. for particular purpose
24
Q

duress

A

violence or a threat of violence to secure a contract

25
Q

undue influence

A

a party is manipulated into entering a contract because of a special relationship

26
Q

unjust enrichment

A

a form of restitution, requires the defendant to give back the benefit it received at the expense of the plaintiff

27
Q

void

A

invalid from the start

28
Q

voidable

A

valid unless set aside
(must within a reasonable time)

29
Q

assignment

A

a transferring process, a party transfers its obligation and rights under a contract to the third party

30
Q

frustrated contract

A

some events beyond control of the parties make the performance impossible or radically different from what was intended

31
Q

frustrated

A

the subject matter of the contract no longer exists or is substantially different

32
Q

delay and laches

A

a party fails to promptly avoid the contract, it will be deemed as valid and will not be able to get it set aside.

33
Q

common mistake

A

the mistake is shared by both parties, the mistake is fundamental and directly affects what the parties agreed to.

34
Q

is common mistake void/voidable

A

void

35
Q

mutual mistake

A

the parties are at cross-purpose

36
Q

is mutual mistake void/ voidable

A

void

37
Q

non est factum

A

a party signs the document thinking it contains different terms because of the misrepresentation of the other party

38
Q

is non est factum void/ voidable

A

void

39
Q

condition subsequent

A

a term in the contract, if it occurs, terminates the contract

40
Q

anticipatory breach

A

one party by words or action indicates it does not intend to fulfill the obligations when due.

41
Q

the effect of anticipatory breach

A

the innocent party may discharge the contract and claim damages

42
Q

breach of condition

A

a material term of the contract the breach of which would substantially deprive the innocent party of the benefit of the contract

43
Q

contra proferentum rule

A

the ambiguous terms should be read against the party who drafted them

44
Q

avoid unfair contract

A
  1. impossibility
  2. An innocent third party has acquired rights
  3. The party affirms the contract
  4. fails to avoid the contract promptly
45
Q

forms of discharge

A
  1. rescission
  2. accord and satisfaction
  3. novation
  4. waiver and release
46
Q

case of intoxication

A

the intoxication prevent the party from understanding the nature of the contract

47
Q

effect of case of intoxication

A

voidable

48
Q

definition if ratification

A

a principle approves a contract negotiated without his authority

ratification only fixes the document to reflect the true intentions of the parties, but will not rewrite

49
Q

element of ratification

A
  1. must be clear
  2. must be within reasonable time
  3. must accept the whole contract
  4. must have legal capacity
  5. identify the principle at the time of the contract

BLAW FINAL (1 decks)

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