Contract Law Flashcards
What are the 5 elements of a valid contract?
Agreement
Consideration
Intention to create legal relations
Capacity
Legality
Which contracts must be in writing to be valid?
Land
What is the limitation period for a contract made by deed?
12 years
What is the limitation period for contracts usually?
6 years
What are the 3 ways in which a contract can be terminated?
Revocation
Rejection
Lapse
When will a contract lapse?
After a reasonable time
What are the 3 ways you can show acceptance?
Oral
Written
By conduct
If a fax is sent outside of business hours, is it classed as being received then?
No, it is when the business next opens
Is a offer classed as being accepted if the letter is never received?
Yes, it is received when it is sent
What kind of consideration is it when there is an exchange of promises to do something in the future?
Executory consideration
What kind of consideration is it when you pay for a newspaper in a shop?
Executed consideration
What must consideration be?
Sufficient
Is past consideration valid?
No
Is performance of an existing statutory duty sufficient consideration?
No
What does the doctrine of promissary estoppel prevent?
A person going back on his/her promise
In what 2 ways can terms be put in a contract?
Express
Implied
With faulty goods, in what time frame can you get the item repaired or replaced?
6 months
What are the 3 types of terms?
Conditions
Warranties
Innominate terms
What are you entitled to if warranty is breached?
Damages only
In what 3 ways can a contract be brought to an end?
Performance
Frustration
Breach of Contract
What type of breach is it if a party shows an intention not to perform?
Anticipatory
What 2 factors are considered when determining the amount due for damages?
Remoteness of loss
Measure of damages
What are the 3 equitable remedies available?
Specific performance
Injunction
Recission
