Formation of Contract Flashcards

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1
Q

what is a contract?

A

an agreement which is intended to give rise to a binding legal relationship or to have some other legal effect

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2
Q

difference transfer and deliver

A

transfer- rights, intangible things
deliver- tangible things

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3
Q

right means owning the item?

A

no, you can create a right to something without actually having a right to it yet

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4
Q

contract as a promise

A

Promise expresses morality of human freedom of the expansion of the human will in relations of respect and trust, and contract is built on moral institution of promising.

subjective approach- the view of the promisor at the time of the agreement
1. if we cannot find the subjective approach- objective approach- what would a normal person do in the same circumtances
2. gaps- objective approach

promise= moral invention, create obligations where there were none before
duty to mitigate and penalty clauses

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5
Q

contract as consent

A

consent is objective, is an expression, not a mental act
does not creates only moral obligation, but also legal one

gaps? Default rules= apply unless the party ‘contract around’ them by putting diff terms in the agreement
remaining silent- agree to the default rules

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6
Q

life of a contract

A

formation
consequences
termination

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7
Q

requirements of forming a contract

A
  1. offer
  2. acceptance
  3. intention to be bound
  4. consideration (only common law)
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8
Q

content of an offer

A
  1. clearly stated terms
  2. an intention to be legally bound
  3. communication of the offer to the offeree
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9
Q

exceptions offer v. invitation to treat

A

advertisements/ websites offers:
- invit to treat- German/English law
- offer- French law, unless personal qualities matter

goods on dispaly in a shop:
- invit to treat- German/English law
- offer- French law

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10
Q

revocation of offer- german law

A

no, unless he states that he is not bound
exception: when the withdrawal arrives before or at the same tome as the offer

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11
Q

revocation of offer- english law

A

always allowed before acceptance, even if there is a deadline

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12
Q

revocation of offer- french law

A

allowed, but offeror must compensate the damage

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13
Q

acceptance

A

accept the offer unconditionally, if there is a counteroffer, the original offer becomes irrelevant

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14
Q

time of conclusion of a contract- german/ french law

A

Receipt theory= when it gets an answer back

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15
Q

time of conclusion- english law

A

instantaneous communication- Receipt theory
non-instantaneous communication- including email, texts, post, telemessaging- Expedition theory= effective at the moment of posting
should not be applied to a revocation

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16
Q

consideration- common law

A

the benefit each party receives in exchange for what it gives up in the contract

requirements:
- worth bargaining for
- benefit all parties
- be something of value

can be in form of money, promise, service, etc