Introduction to the Formation of Contracts

Question 1

What are the three key requirements needed for a contract to exist?

Answer 1

1. Agreement (consists of offer and acceptance)
2. Intention to be legally bound
3. Consideration

Question 2

Name three types of contract which have to be in writing in order to be enforceable

Answer 2

1. Guarantee
2. Contract for the sale of land
3. Consumer credit transactions

Question 3

A deed is a document that makes _____ __ ___ ____ that it’s a deed

Answer 3

clear on its face

Question 4

What are four other key features of a deed?

Answer 4

1. Executed in presence of a witness
2. Requires delivery to be effective
3. A promise to make a gift is enforceable if made by deed
4. Conveyance of land must be by deed

Question 5

What is the standard limitation period to bring a simple contract claim?

Answer 5

6 years

Question 6

What is the standard limitation period to bring a claim under a contract by deed?

Answer 6

12 years