HKU Space day 2 Contract Flashcards
Contract Law
Conisderation
Consideration means the subject of the contract
(Ie; bag of chips when purchasing)
Contract
Legally enforceable agreement that contains the rights and responsibilities of the contracting parties.
- Oral
- Writing
Requires a benefit out of it (buying candy is also a contract)
Subsidiary legislation
By implied nature, a contractual relationship with the other party
MTR is a public servant, you are the public
Elements needed to form a valid contract
**Mutual assent **(offer + acceptance);
Consideration (bargained for legal detriment)
No defenses to formation
Reasoning for written agreements
High value transactions, ie; real estate. Meaning some contracts must be in writing
Ordinances
Ordinances define the rights and contexts that consumers and distributors have.
Stops the exploitation of consumers
Ie; Sales of Products, ordinances
Chitty on Contracts
Chitty on Contracts is one of the leading textbooks covering English contract law.
Damages
What consumer should have get back from a contract that was breached
Contract formation
- Offer, Can be a monetary
- Consideration
- Acceptance
- Intention to create legal relations
- Sufficently enforcing the agreement
4. Presumption of gift to family members
- $10 for a bag of Chips
- Bag of Chips
- Purchasing the bag of Chips
- Contracting relationship asking two firms to do part of Construction
- Completing the terms of the contract to a “sufficent” standard
bilateral contract
Contract created by mutual promise of performance. The most common type of contract.
You agree to pay a certain amount of money in exchange for title of a home.
unilateral contract
Requires full performance as method of acceptance; binding once performing party begins performance
Giving money to a person after finding a pet
Objective V Subjective
Subjective, up to Interpretation
Objective, A matter of Fact
“good” = Subjective
“Facts” = Objective
The Objective Test
It focuses on how a reasonable person would percieve the offerors conduct or expressions, instead of the offerors thought process.
Whether an offer existed is assessed Objectively, rather than Subjectively
Mistakes in contracts
Chwee Kin Keong v. Diiglandmall.com [2004]
Snapping up contract issue within the contract.
Issue with the pricing (should be $3600 instead of $66)
Invitation to treat vs offer
An invitation to treat allows the other party to make an offer.
Whereas in an offer, there is usually only acceptance or rejection of it.
(Selling a footballer)