Contracts Flashcards
What is a contract
Exchange of promises. Capacity, legality, intention
Ending an offer
Acceptance , rejection , counter-offer , withdrawal
Form of a contract
Writing rarely required
Formal/simple
Valid,void,voidable
Standard forms
Express/implied
Gratuitous Promises
Not enforceable
Capacity
Not everyone can contract (infants, insane, non-humans, political actors)
Misrepresentation
Untrue and misleading representation
Innocent misrepresentation
Honest and reasonable
Duress
Losing free will due to the act of the defendant (Violence, Scandal, Financial pressure)
Undue influence
Someone obtained a benefit by influencing over another, which took away free will.
Shared mistake
Same mistake
No party at fault
Regarding an essential term
Makes completion of agreement impossible
Contract becomes void
Misunderstanding
Each one has a different understanding of contract terms
Non Est Factum
“Not my act” you agreed to do something totally different.
Negotiable instruments
Funds owing.
Cheq, promissory notes, commercial paper.
Enforceable at face value (highly liquid)
Agreement (end contract)
Agree to end or change a previous contract
Frustration (end contract)
Events outside the parties control has made intended result impossible
Remedies (end contract)
Put parties in position they would have been if completed. Damages or equity
Damages (End contract)
Calculated best as possible
Peace of mind
Liquidated
Punitive
