General

Question 1

What is a contract?

Answer 1

• A legally binding agreement by one party to fulfil an obligation to another party in return for consideration.
• Comprises four elements:
  Offer
  Acceptance
  Consideration
  Intent

Question 2

Please define ‘express terms’?

Answer 2

• Terms of an agreement which are expressly agreed between parties

Question 3

Please define ‘implied terms’?

Answer 3

• A contract term that has not been expressly agreed but has been implied into the contract by common law or by statute.

Question 4

What is tort?

Answer 4

• Part if the civil law, a tort is a civil wrong.
• A claim in tort is concerned with loss or harm.

Question 5

How do statutory provisions and contract provisions differ?

Answer 5

• Statuary provisions are set out by law and must be complied with regardless.
• Contract provisions apply only to a specific contract/project.

Question 6

What is you opinion or oral contracts?

Answer 6

• Although legally binding, proving specific terms and conditions can prove difficult.
• A written contract is therefore preferred.

Question 7

What is a breach of contract?

Answer 7

• Occurs when a party to a contract fails to comply with their obligations under a contract.

Question 8

What is a breach of contract?

Answer 8

• Occurs when a party to a contract fails to comply with their obligations under a contract.