Hannes Marias S3 Flashcards
1
Q
What is a contract?
A
“A contract is an engagement between two parties which is made with the intention that a legal obligation or obligations be created.”
2
Q
What are the requirements of a valid contract?
A
a. Mutual intent or consensus
b. Legal Capacity
c. Allowed by law - legal
d. Agreed performance must be objectively possible
e. Prescribed formalities must be complied with
f. The parties’ obligations must be certain or ascertainable
3
Q
What is the essentials of a construction contract?
A
Scope, and
Price
4
Q
The purpose of the contract is to…?
A
Define performance
Allocate risk
How to deal with change, i.e. unknown future events
5
Q
Sketch the typical contractual relationships
A
SEE SLIDE 8
