Lecture 2 Flashcards
1
Q
Essentials for a valid contract (7)
A
- Agreement
- An intention to create legal relations
- Capacity to contract
- Consideration (something for something)
- Compliance with required formalities where applicable
- Genuine consent to terms
- Contract must be legal
2
Q
An offer can be terminated in a number of ways (4)
A
- Revocation
- Lapse of time
- Death of the offeree
- Counter offer
3
Q
Discharge of contract by
A
- Agreement
- Performance
- Frustration
- Breach of contract
4
Q
Causes for frustration
A
- Destruction of subject matter
- Government intervention
- Non-occurrence of the event central to the contract
- Subsequent illegality
- Personal incapacity of one of the parties
5
Q
Remedies for breach of contract
A
- Damages, monetary compensation, actual loss compensated
- Specific performance
- Injunction (directing a party not to take an action which breaks the contract
