Contract law

Question 1

Principle of good faith

Answer 1

Negotiations and contractual relations should be characterised by honesty and fairness without seeking unfair detrimental advantage (civil law)

Question 2

Contracts

Answer 2

Specific type of agreements between two parties that are binding in law. Generate rights and obligations that are legally enforceable

Question 3

For agreement to be contract, 3 requirements

Answer 3

Offer and acceptance
Intention to create legally binding relationship
Presence of consideration

Question 4

Offer

Answer 4

Statement of willingness to contract according to the proposed terms that will become binding if accepted
Unequivocal, communicated, terms in offer must be certain, not have terminated

Question 5

Invitation to treat

Answer 5

Party is inviting offers that other party is free to accept or refect