TERMS Flashcards
What are the types of term? (3)
-a condition
-a warranty
-an innominate term
what can terms either be? (2)
implied or expressed
what are implied terms? (1)
implied terms are suggested in the contract.
what are expressed terms? (1)
specifically agreed by the parties.
what are terms? (1)
terms define the obligations of each party to the contract.
what is an innominate term? (1)
a term in a contract that is not defined as a condition or a warranty.
what is a condition? (1)
a term in a contract that is central to the contract, breach of which may allow the contract to be repudiated.
what is a warranty? (1)
a minor term in a contract, breach of which does not end the contract but allows a claim for damages only.
what is meant by repudiation? (1)
the ending of a contract.
what is meant by recission? (1)
this is an equitable remedy that is made at the discretion of the judge, the purpose of this is to put the parties back in their pre-contractual position.
what cases can be used for the importance of conditions? (1)
Poussard v Spiers and Pond (1876)
what case can be used for the minority of a warranty? (1)
Bettini v Gye (1876)
how do judges work out the position of an innominate term? (1)
depends on the severity of the consequences of any breach of the term, instead of insisting at the outset of the contract, the parties wait until the effect of the breach makes it a condition or warranty.
what case can be used to clarify the origin of innominate terms? (1)
Hong Kong Fir shipping co ltd v Kawasaki Kisen Kaisha ltd (1962)
what will courts take into account when deciding if a statement is representation or a term? (4)
-the importance attached to the representation
-special knowledge or skill of the person making the statement
-any time lag between making the statement and making the contract
-whether there is a written contract
