Contract formation And Termination Flashcards
Are price lists, a share prospectus an invitation to treat?
Yes- acts as an inducement to encourage another person to make an offer
For the acceptance of a contract, does the recipient need to be aware of offer?
Yes
Is it possible for the offerer to waive the requirement for acceptance to be communicated?
Yes and it can be express or implied
What is the rule around oral and written evidence?
Oral cannot add/vary written/oral
What is quantum meruit?
One party has been prevented from completing their performance of a contract but deserves to be paid for partial performance
Can a person complete substantial performance?
Yes and it’s not a problem; although the other party will be entitled to seek redress
What is liquidated damages?
Agree compensation for breach of contract in advance (genuine pre-estimate of loss) not penalty clause
When can specific performance not be a remedy?
- courts cannot supervise enforcement
- contract is for personal service
- damages are adequate
Regarding exclusion clauses, does the contract need to be signed?
It need not be signed as long as the person whose rights it restricts is made aware of it at the time of making the contract
Is part payment as a full settlement of a debt, sufficient for valid consideration?
No!
In the case of paying the friend £80 when you owe them £100 they can demand the other £20 as there has not been any consideration to support the waiver of the debt
How to support a part payment in full settlement of a debt? (4)
- could suggest to pay the debt in advance
- bargain between creditors
- payment made by a 3rd party
- payment in kind (goods or services)
If the type of injury is reasonably foreseeable, does it matter about the extent of injury or how it was caused?
NO provided the type of injury is reasonably foreseeable
What is required in private vs public company re: directors report and directors remuneration report?
Private
Directors report
Public
Directors report and directors remuneration report
