Contract key terms and theory Flashcards
What is a contract ?
An agreement to do something the law will enforce
Define formation of a contract ?
A agreement to do something + 5 requirements
What are the terms of a contract ?
Obligations and rights of each party expressed or implied
What are vitiating factors ?
Factors which may void a contract
What is discharge of contract ?
How a contract ends or is breached
What are remedies ?
Awards for damages that parties seek, when a contract is breached
What is freedom of contract ?
The idea that people are free to enter contracts and cannot be forced into one
What is sanctity of contract ?
mutual promises meaning both parties have an obligation to carry them out
What is fairness and clarity In regards to a contract ?
Terms should be clear fair and easy to follow
What is the idea of good faith ?
That for contracts to work both parties must honour their end
What is equity in contract law ?
Key principles that underpin the law, relating to fairness for both parties
What are the 5 requirements of a contract ?
Offer
Acceptance
Consideration
Privity
Intention
Offer + Intention = ?
Agreement, which is the basis of a contract
