Contract formation Flashcards
what are the four essential features of a contract?
offer, acceptance, consideration, intention
what four factors may affect the validity of a contract?
lack of capacity, absence of free will, illegality, misrepresentation
when is a contract unenforcable?
wrong form
if a contract is illegal…
it is void i.e does not exist at all
what is a voidable contract?
a contract which one party may set aside. property transferred before avoidance is usually irrecoverable from a third party.
a contract for land must always be in…
writing
what is an ITT?
invitation to treat- i.e adverts, goods displayed in windows and on the shop shelf. note to self- it cant actually be accepted as is not an offer. vague statements designed to encourage offers are ITT’s
example of statement of intention?
holding an auction
when must revocation be received?
must be communicated BEFORE acceptance
what is battle of the forms?
where there are lots of offers and counter offers- important to establish who offered last and who accepted
what can acceptance be via?
words, writing, conduct but NOT silence
in instantaneous methods of communication, acceptance is deemed to occur…
when acceptance is received.
unilateral acceptance is…
i.e buying something in a shop
what is consideration?
the element of value in an agreement
executory
promise for promise valid
executed
an act already performed in return for a promise valid
past
invalid- consideration supplied before an agreement has been formed
consideration need not…
be adequate but must be sufficient
when cant a consideration be increased
if you are already contracted to do it , if already performing existing statutory duty
when can a consideration be waivered?
giving something you had never originally promised, paying the debt in advance payment made by a third party
when can spouse presumption be rebutted?
if they are separating
doctrine of privity
can only sue or be sued on a contract that you are privy to
exceptions to doctrine of privity
agency relationships, common law and stat exceptions i.e. motor insurance claims per road traffic act 1988. the contracts rights of third party act 1999 whereby the third party had rights provided: they are expressely identified in the contract in nmae class or descrip AND the contract confers a benefit on them
what may become an express term…
a statement of fact made before the contract which induces someone to enter into it
oral evidence
shouldnt contradict written terms UNLESS it can be shown that written terms weren’t meant to include everything
are parties entitles to leave a terms to be decided at a later date?
yes, unless no provision for its clarification
implied terms…
business efficiacy (28th floor man), statute, custom (unless inconsistent with express terms).
