Contract terms

Question 1

Define Term

Answer 1

Statement forming part of a contract

Question 2

Define Representation

Answer 2

A statement made by one party designed to induce the other to enter into a contract

Question 3

Define condition

Answer 3

A major part of contract

Question 4

Define warranty

Answer 4

Less vital, although still important, part in contract

Question 5

Define innominate

Answer 5

Terms classified as condition or warranty can be classified as innominate if the consequences of the breach were more or less serious thant originally thought

Question 6

Define exclusion clause

Answer 6

A term which attempts to limit liability for a breach of contract

Question 7

Levels of protection for contract breaches

Answer 7

Common Law - applies to all contracts between any parties
Unfair contract terms act - applies to contracts where both parties are businesses
Consumer rights act - 1 party person and 1 business