Contract Flashcards

1
Q

Does an offeree need to have knowledge of an offer?

A

Yes

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2
Q

How does an offeree acquire knowledge of an offer?

A

The offer must be communicated to them

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3
Q

What is a unilateral contract?

A

A contract which arises when an offeror promises to do something if the offeree does something in return and the offeree actually does this thing

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4
Q

What is the effect of termination of an unaccepted offer?

A

It cannot be accepted

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5
Q

How is an offer revoked directly?

A

By directly communicating the revocation to the offeree before acceptance

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6
Q

How is an offer revoked indirectly?

A

If the offeree receives:

  1. Correct information
  2. From a reliable source
  3. Of acts of the offeror which would indicate to a reasonable person that the offeror no longer wishes to make the offer
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7
Q

Why is a unilateral offer irrevocable once performance has begun?

A

Because it would be unfair on the offeree if the offeror could revoke the offer after the offeree has already begun performance

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8
Q

Even though a unilateral offer is irrevocable once performance has begun, when is the contract formed and what is the effect of this for the offeree?

A

The contract is formed when performance is complete.

This allows the offeree to withdraw from performance at any time, even though the offeror cannot revoke after they begin.

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9
Q

Even though beginning performance under a unilateral and bilateral offer both make the offer irrevocable, what are the differing reasons for this?

A

Unilateral: beginning performance would make it unfair for offeror to revoke, even though contract is not formed until completion
Bilateral: beginning performance accepts the offer and a contract is formed

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10
Q

How may an offeree terminate an offer?

A

By rejection, either expressly, or impliedly e.g. through a counteroffer

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11
Q

What topics does the full Contract Law deck contain, and how do I access it?

A

The full deck contains over 380 flashcards dealing with the SRA syllabus:

  • Formation of Contracts;
  • Offer and Acceptance;
  • Intention to Create Legal Relations and Capacity;
  • Consideration;
  • Privity of Contract;
  • Determining the Terms of the Contract;
  • Exclusion Clauses;
  • Vitiating Factors;
  • Misrepresentation,
  • Discharge and Variation of a Contract;
  • Remedies.

Access is currently £25 per full subject, e.g. Contract, or £250 for access to all 16 SQE1 decks / £200 for 13 SQE2 decks. Visit www.cleverprep.co.uk to arrange full access.

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