Contract Law - Formation and Offers

Question 1

Elements of a Contract

Answer 1

1) Parties in agreement
2) Intention to be legally bound
3) Consideration

Question 2

Simple Contracts

Answer 2

Can be made in any form; written, oral or by conduct

Question 3

Contracts that Require Writing

Answer 3

Guarantees: where guarantor promises that B will perform their obligations

Contract for sale of land or other disposition of an interest in land

Consumer credit agreements

Question 4

Contracts by Deed

Answer 4

Must be executed by the parties in the presence of a witness and delivered

Certain contracts must be made in a deed:

• Promises where nothing is received or promised in return (e.g. making a gift)
• Conveyance of land

Question 5

Time limits for claim for breach

Answer 5

Simple contract = 6 years from date of breach

Contract by deed = 12 years from date of breach