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MGT388 - LAW > Contract Law > Flashcards

Contract Law Flashcards

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1
Q

What type of jurisdiction does the UK have?

A

Common Law

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2
Q

What is Common Law?

A

Law that is derived both from legislation and ‘judge made law’ (based of precedant)

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3
Q

‘Judge made law’ combines which two bodies?

A 
Common Law (rule based)
Equity (discretionary)
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4
Q

What type of law does contract law regard?

A

Civil

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5
Q

What are the differences between Criminal and Civil Law?

A

Criminal Law is when the state (CPS) sets legal action, burden of proof is high (beyond reasonable doubt)
Civil Law is when legal action is brough by an individual who has ‘suffered’. Must show defendant is liable (on the balance of probabilities).

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6
Q

What is the definition of a contract?

A

an agreement giving rise to obligations which are enforced or recognised by law. The factor which distinguishes contractual law is that it is based on the agreement of contracting parties.

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7
Q

Do contracts have to be written?

A

Contracts can be oral with the exception of land.

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8
Q

What are the 5 components of a contract in order?

A

1) Offer
2) Acceptance
3) Consideration
4) Intent to create legal relations
5) Certainty

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9
Q

Define ‘Offer’

A

The unequivival indication of willingness to be legally bound by a promise if the terms of the offer are met.

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10
Q

What can sometimes come before the offer?

A

An ‘invitation to treat’ (advert/price list/shop window)

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11
Q

If there’s no reserve price what is the action of the bidder considered as?

A

Offer acceptance

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12
Q

What are the essential components of acceptance

A

Must be absolute and unequivical
Must be communicated
Offers can be revoked until acceptance
Offer will lapse after a ‘reasonable’ time

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13
Q

Is a couter-offer a form of acceptance

A

No it is an offer

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14
Q

What is consideration?

A

“The price one pays for anothers promise”, not necessarily cash

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15
Q

Is intention to create legal relations presumed?

A

In business it is presumed, in a social context it is not.

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16
Q

Why is certainty important?

A

Terms must be specific, if too vague they can be unenforcable and more disputable.

17
Q

What are the two types of contract terms?

A

Express terms - specifically contained in the accepted contract
Implied terms - terms implied by court that any bystander would have assumed.

18
Q

What 5 ways can a contract be discharged?

A 
Performance of contract (completion)
By mutual agreement
Breach of contract (can be voidable)
Frustration of contract (unable to be completed by to external unforseeable factors)
Inproper conduct (contract is voidable)
19
Q

What are the two categories under breach of contract?

A

Repudiatory breach - serious breach that warrants termination
Anticapatory breach - where one party indicicates early a lack of ability to perform obligations

20
Q

Is a breach of obligation considered repudiatory?

A

Yes

21
Q

Is a breach of warranty considered repudiatory?

A

No

22
Q

Is a breach of innominate term considered repudiatory?

A

Maybe depends on seriousness

23
Q

What are the remedies for breach of contract?

A 
Damages (most common)
Claim for debt
Specific instruction
Injunction
Recission (voided contract)
24
Q

What are the three types of damages?

A

Punitive (not available for breach of contract)
Restitutory (take what has been gained at claimants expense)
Compensatory (compensate for loss)

25
Q

What are some things the claimant can be compenesated for in the context of a breach of contract?

A 
Cost of replacement performance
lost profits
damage to property
personal injury
damage to reputation
damages payable to customer
emotional distress
loss of pleasure
26
Q

What are some limitations to compensation in the context of contracts?

A

Causation
Remoteness of loss
Mitigation (did the claimant attempt to mitigate losses)
non-percuniary losses (no market value)
liquidated damages (enforcable) vs penalty clauses (non enforcable)

27
Q

What are some examples of frustrating events?

A

impossibility
illegality
impracticality
frustration of purpose

28
Q

What is a force majeure clause?

A

It can alter a parties obligations

29
Q

What are the three types of improper conduct?

A

Misrepresentation
Undue Influence
Duress and economic duress

30
Q

What are the three types of misrepresentation?

A

Fraudulent (high burden of proof req)
Innocent
Negligent

31
Q

What is undue influence?

A

When a third party uses influence to force party into contract

32
Q

What are the two classes of undue influence?

A

Class 1 - actual - no relationship between parties

Class 2 - presumed - relationship between parties

33
Q

What is the remedy for improper conduct?

A

Recission, contract is made void.

MGT388 - LAW (4 decks)

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