Lecture 6 Flashcards
1
Q
Sources of Law
A
- Statute Law
- Common Law
- Regulations
- By-Laws
2
Q
What is a contract
A
- a promise(s)
- between capable parties
- that create an obligation
- that is enforceable by law
3
Q
Elements of a Contract
A
- offer
- acceptance
- consideration
- intention to be bound
- capacity
- reality of consent
- legality
4
Q
Offer
A
- needs to promise to do something, for something
- can be express (written or verbal) or implied
- intended to lead to a binding obligation
- time dependency
- offer can be revoked
- communicated
5
Q
Revocation of offers
A
- withdraw before acceptance
- scheduled revocation (“good until…”)
- offer revoked b counter-offer
6
Q
quote
A
an offer to do the job for a certain price
- quoting person is bound by the offer
7
Q
Consideration (contracts)
A
- something FOR something
- does not have to be monetary
- is the consideration fair?
8
Q
Reality of Consent (contracts)
A
- Mistake
- Misrepresentation
- Duress
9
Q
Interpretation (contracts)
A
- implied vs. expressed
- correspondence
- language
- exclusion
10
Q
Discharge (contract)
A
- performance
- agreement
- frustration
- operation of law
- breach of contract
11
Q
procurement
A
the framework within which construction is brought about, acquired or obtained
12
Q
contract administration
A
handling of business relations between parties to the contract
13
Q
Tenders
A
- responsive
- responsible
- award metric
14
Q
Responsive (tender)
A
all terms in solicitation met satisfactorily
- forms filled out correctly
- authorised signatories
- tender offer displayed as required
- submitted as directedon time at correct locatio
15
Q
Responsible (tender)
A
meets the requirements to submit the offer
- prequalified, if required
- registered with appropriate governmental agency
- tender offer contains required financial instruments/securities
- tenderer is not a falon
