Contract Law

Question 1

What are the 5 elements of a valid contract?

Answer 1

Agreement
Consideration
Intention to create legal relations
Capacity
Legality

Question 2

Which contracts must be in writing to be valid?

Answer 2

Land

Question 3

What is the limitation period for a contract made by deed?

Answer 3

12 years

Question 4

What is the limitation period for contracts usually?

Answer 4

6 years

Question 5

What are the 3 ways in which a contract can be terminated?

Answer 5

Revocation
Rejection
Lapse

Question 6

When will a contract lapse?

Answer 6

After a reasonable time

Question 7

What are the 3 ways you can show acceptance?

Answer 7

Oral
Written
By conduct

Question 8

If a fax is sent outside of business hours, is it classed as being received then?

Answer 8

No, it is when the business next opens

Question 9

Is a offer classed as being accepted if the letter is never received?

Answer 9

Yes, it is received when it is sent

Question 10

What kind of consideration is it when there is an exchange of promises to do something in the future?

Answer 10

Executory consideration

Question 11

What kind of consideration is it when you pay for a newspaper in a shop?

Answer 11

Executed consideration

Question 12

What must consideration be?

Answer 12

Sufficient

Question 13

Is past consideration valid?

Answer 13

No

Question 14

Is performance of an existing statutory duty sufficient consideration?

Answer 14

No

Question 15

What does the doctrine of promissary estoppel prevent?

Answer 15

A person going back on his/her promise

Question 16

In what 2 ways can terms be put in a contract?

Answer 16

Express
Implied

Question 17

With faulty goods, in what time frame can you get the item repaired or replaced?

Answer 17

6 months

Question 18

What are the 3 types of terms?

Answer 18

Conditions
Warranties
Innominate terms

Question 19

What are you entitled to if warranty is breached?

Answer 19

Damages only

Question 20

In what 3 ways can a contract be brought to an end?

Answer 20

Performance
Frustration
Breach of Contract

Question 21

What type of breach is it if a party shows an intention not to perform?

Answer 21

Anticipatory

Question 22

What 2 factors are considered when determining the amount due for damages?

Answer 22

Remoteness of loss
Measure of damages

Question 23

What are the 3 equitable remedies available?

Answer 23

Specific performance
Injunction
Recission