Contract Flashcards
Define ‘contract’
A legally binding agreement between parties where consideration is given and an offer and acceptance takes place
Must be intention to create legal relations - can be express or implied
Define ‘offeror’
Person who makes the offer
Define ‘offeree’
The person who the offer is being made to
What is a unilateral contract?
Where there is a promise to perform an obligation with no corresponding obligation on the other party to the contract, to do anything
Unilateral contract case and held
Carlil v Carbolic smoke Company
An offer can be made to the whole world and anyone can accept
What is a bilateral contract
Each party must do something under the contract
What remedies are available for a breach of contract?
Compensate innocent party and return them to the same position they would have been in had the contract not have been performed
