General knowledge of Contract law Flashcards
1
Q
What is the definition of a contract?
A
An agreement that is binding in law. (that the court will enforce)
2
Q
What are the 5 topics of contract law?
A
- Formation
- Terms of the contract
- Validity of that agreement (vitiating factors)
- Discharge of conduct
- Remedies
3
Q
What is the source if most rules of contract law?
A
Common law / judicial precedent
4
Q
What other source of law has developed to avoid certain rules which may produce unfairness?
A
Equity
5
Q
What are two sources of law that have had an influence on contract law?
A
- Statute law - the Sale of Goods Act 1979 which codified the law on sale of goods.
- European law - Unfair terms in Consumer contract regulations 1999.
