Contract law Flashcards
What are the essential features of a valid contract?
Offer, acceptance, consideration, capacity, legality.
Who is the offeror?
the person that makes the offer
Who is the offeree?
the person that accepts the offer
What is an invitation to treat?
someone shows they want to negotiate but isn’t making a formal offer
what is the snapping up doctrine?
allows a party to accept an offer without further negotiation once the offer has been made and communicated
what is a bilateral contract?
a party offers to do something in return for an action by another party
what is a unilateral contract?
a party promises to perform an action in return for a specific act
what is a counteroffer?
someone changes the terms of an original offer which replaces the original one
what is the postal rule?
acceptance of an offer is effective upon posting not when the letter is received
what is consideration?
something of value that is exchanged between parties when forming a contract. e.g money,services, goods or a promise to do something or refrain from doing something
what is promissory estoppel?
stops a party going back on a promise
