Lesson 5

Question 1

Important lesson from contracts

Answer 1

just because you sign a contract does nutmeat the court will enforce it, they might say null, void or non-enforceable

Question 2

What is a contract?

Answer 2

Agreement of wills 1378

-binding agreement between two+ parties to perform an undertaking

Question 3

Good faith

Answer 3

1375: parties are required to perform their contractual obligations in good faith

Question 4

Onerous

Answer 4

both parties have an obligation: one pays money and the other delivers

Question 5

Gratuitous

Answer 5

only one party has an obligation (a gift), nothing is asked in return. If you do then becomes onerous

Question 6

Instantaneous

Answer 6

the obligation of both parties can be carried out immediately

Question 7

example of instantaneous

Answer 7

contract of sale: pay and get it right away

Question 8

Successive performance

Answer 8

the obligations of both parties are carried out over time, even if you wanted to do it right away you could not

Question 9

example of successive

Answer 9

lease: even if you pay 12 months rent up front you still have ongoing obligation to take care of the apartment until the end of the lease

Question 10

Which contracts are enforceable?

Answer 10

oral and written but oral more difficult to prove

Question 11

oral evidence is

Answer 11

not always sufficient

Question 12

certain contracts must be in writing or

Answer 12

not enforceable: might even have to follow a certain format

Question 13

contracts that have to follow a certain format

Answer 13

residential lease, real estate transaction, mortgages of public order

Question 14

to have a valid contract parties must agree on

Answer 14

essential elements

Question 15

essential elements of contract of sale

Answer 15

item, price

Question 16

essential elements of contract of lease

Answer 16

item, term, price

Question 17

offeror must state all the essential elements

Answer 17

offeree can accept or refuse offer

Question 18

Determinate offer

Answer 18

directed to a specific person (gogo I wanna buy your pen at 5$)

Question 19

indeterminate offer

Answer 19

an offer to the public at large (I need a pen from anyone and can buy for 5$)

Question 20

Exception to offer

Answer 20

Kijiji ad: invitation to treat, not considered an offer but a notice that the cat owner is interested in receiving offers

Question 21

professional sellers under CPA MUST

Answer 21

indicate while supplies last and also must have reasonable quantity of merchandise when they advertise a sale

Question 22

Term CCQ1390

Answer 22

time period during which the offer is available for acceptance and cannot withdraw (could have or not)

Question 23

if no term you can withdraw

Answer 23

anytime

Question 24

Lapses CCQ 1392

Answer 24

when the term expires the offer lapses

Question 25

if no term specified when does it lapse

Answer 25

after reasonable amount of time which depends on situation

Question 26

if you refuse offer then

Answer 26

deemed to lapse

Question 27

acceptance 2 types

Answer 27

express or tacit

Question 28

express acceptance

Answer 28

clear verbal response of YEs or signing a contract

Question 29

tacit acceptance

Answer 29

demonstration of your acceptance through actions

i.e. holding hand out to receive payment..

Question 30

where does acceptance occur

Answer 30

contract is formed when and where the offeror receives the notice of acceptance