Formation

Question 1

Puffery

Answer 1

statement that no reasonable person may take seriously

Question 2

Nudum pactum

Answer 2

agreement or promise made without consideration and hence unenforceable

Question 3

Vinculum juris

Answer 3

bond of the law, promise/agreement that must be fulfilled

Question 4

Consideration

Answer 4

each party is giving something up, exchange, right to enforce the contract and make the other party give up what they agreed to give up

Question 5

Requirements to a contract:

Answer 5

1. Agreement / Offer and acceptance
2. Consideration
3. Intent to create legal relations
4. Certainty

Question 6

what is formation

Answer 6

the process through which parties establish a legally binding agreement governed by contract law

Question 7

Sanctity of contract

Answer 7

taking a moral obligation to what you have promised

Question 8

what is an agent

Answer 8

an agent is a third party that negotiates a deal with a principle party on behalf of another principle party

Question 9

what are Unilaterally dictated terms (UDTs)

Answer 9

One party, usually the provider of the service, tell you what the terms of the contract is And we move to accept these terms, or decline

Question 10

what are Industry standard terms (ISDA, NYPE)

Answer 10

Contracts between heavily resourced parties where Terms of the contract are standardised

Question 11

what is an agreement

Answer 11

a meeting of the minds of two or more parties and at which point a contract is formed

Question 12

what is an offer

Answer 12

unequivocal expression of intent by one party to another, proposing to undertake a specific action or refrain from doing so, with the intention of being legally bound if the other party accepts the proposal

Question 13

what is the criteria for and offer
x2

Answer 13

• willingness to be bound
• outline of obligations

Question 14

is advertising and display of goods an offer or invitation to treat

Answer 14

advertisements and displays generally constitute invitations to treat rather than offers.

Question 15

is Request for Tenders an offer or invitation to treat

Answer 15

inviting tenders is an invitation to treat, but specific tender requirements may constitute an offer.

Question 16

is Sale by Auction an offer or invitation to treat

Answer 16

Auction advertisements are invitations to treat; bids from participants constitute offers.

Question 17

what is an invitation to treat

Answer 17

an invitation to a party or parties to make an offer

Question 18

what is acceptance

Answer 18

unqualified agreement of an offeree to the terms of an offer, as expressed by the offeror.

Question 19

what is the criteria for acceptance

Answer 19

Acceptance must be prompt, immediate, unqualified, simple, and unconditional.

Question 20

does silence constitute acceptance

Answer 20

Silence generally does not constitute acceptance

Question 21

what is the exception of silence as acceptance

Answer 21

Silence may be accepted as indicative of acceptance in certain exceptional circumstances, such as when an offeree indicates that silence implies acceptance.

Question 22

what does a counter offer do

Answer 22

terminates the original offer; parties cannot revert to the original offer once a counteroffer is made.

Question 23

what is acceptance by conduct

Answer 23

In some cases, acceptance can be implied through the conduct of the offeree.

Question 24

what is the postal rule

Answer 24

Acceptance of an offer is valid the moment it is posted, even if it never reaches the offeror.

Question 25

what is the whole world offer idea

Answer 25

If an offer is made to the "whole world" or is unilateral, it can be accepted by any person willing to do so, within the defined scope of the offer.

Question 26

when can an offer be revoked

Answer 26

before it is accepted, but not after.

Question 27

how must revocation be communicated

Answer 27

effectively to the offeree and reach the offeror before acceptance.

Question 28

what is the rule with revocation with unilateral contracts

Answer 28

the offeror can withdraw the offer before the offeree begins performance. Once performance has started, the offeror cannot revoke the offer

Question 29

what is the last shot doctrine

Answer 29

the final set of terms exchanged before acceptance governs the contract.

Question 30

what can prevent the last shot doctrine

Answer 30

Anti-last shot terms pre-empt the application of the last-shot doctrine.

Question 31

how does a battle of the forms arise

Answer 31

In situations where parties haven't jointly negotiated the contract, one party may seek to impose its terms, leading to a "battle of forms."

Question 32

what is the outcome of the battle of the forms

Answer 32

The outcome of a battle of forms may result in various scenarios, including contracts on one party's terms, a blend of both parties' terms, or no contract at all.

Question 33

what type of terms may show the parties didnt have intent

Answer 33

Nebulous terms may indicate that the parties did not intend to form a contract.

Question 34

what is the holistic/global approach

Answer 34

This is when you look at the approach as a whole, you see if a reasonable person on bothsides think a contract has formed

Question 35

Objective theory (look from a third parties view)

Answer 35

This is the view of a reasonable person in the shoes of the parties think, there is a subjective point that the parties both acknowledged that the request was intended by both parties.

Question 36

what are the five reasons for the termination of an offer

Answer 36

1. rejection 2. termination 3. lapse of time 4. change of circumstances (rare) 5. death

Question 37

The least cost avoider principle

Answer 37

When accidents can be avoided by either two of the parties, liability is placed on the least cost provider, This being the party who could have prevented the accident at the lowest cost

Question 38

what are process contracts

Answer 38

Process contracts are essentially agreements to agree, They are either preliminary to or collateral to a substantive/primary contract

Question 39

process contracts are preliminary to the making of a substantives/primary contract where

Answer 39

they shape a selection or recruitment process( tender selection ) , Shaping the requirements, if you meet the requirement s, you will likely be hired

Question 40

process contracts are collateral to the making of a substantives/primary contract where

Answer 40

they may shape subsequent matters such as the negotiations concerning price adjustment of the variation of terms