Terms of a Contract - Paper 3 Flashcards

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1
Q

What are the terms of a contract?

A

The things that the parties have actually agreed to between themselves

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2
Q

What are the two types of terms?

A

Express and Implied Terms

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3
Q

What are express terms?

A

Terms that are actually agreed by the parties themselves

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4
Q

What are implied terms?

A

Terms that you have not specifically agreed to, but are put into your contract by law

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5
Q

How can terms be implied into a contract?

A

1) By custom
2) By fact
3) By statute

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6
Q

What are conditions?

A

A term in a contract that is so important that a failure to perform it would destroy the main purpose of the contract

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7
Q

What was held in Poussard v Spiers & Pond?

A

If a condition is breached, you can end (repudiate) the contract, or continue with it, or claim damages

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8
Q

What are warranties?

A

A minor term of a contract, a loss will result if there is a breach but the main purpose of the contract will still be achieved

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9
Q

What was held in Bettini v Gye?

A

If a warranty is breached, you must continue with the contract, and can claim for damages

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10
Q

What are innominate terms?

A

A term that is not clearly a condition or a warranty, so whether it is treated as a condition or a warranty depends on the consequences of any breach

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11
Q

What was the decision in Hong Kong Fir v Kawasaki?

A

If the breach substantially deprives you of the whole benefit of the contract, then it will be classed as a condition

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