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Legal Systems > Test 1 of 2 > Flashcards

Test 1 of 2 Flashcards

1
Q

What is a simple contract?

A

Any contract not under seal.

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2
Q

Components to be enforceable:

A

Must meet contract requirements of voluntary agreement - offer, acceptance, consideration

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3
Q

Different forms of simple contract:

A

Written, oral, implied actions

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4
Q

Two other names for simple contract?

A

Informal and parol contracts

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5
Q

Danger of non written contact:

A

Parties may disagree about terms

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6
Q

What is a special contract?

A

A contract under seal

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7
Q

Importance of Seal

A

Replaces the need for exchange of consideration

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8
Q

Problem with timing of Seal

A

If seal is placed too far in advance or too late, contract may not be a true specialty contract

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9
Q

Statute of Frauds

A

Defines specific contracts that must be a written agreement to be enforceable by law

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10
Q

Section 4

A

Prohibits lawsuits unless your contract is in written form and signed

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11
Q

Types of written contracts: (4)

A

Lease longer than 3 years
Realty
Guarantees to pay debts
Contract longer than 1 year

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12
Q

Non fully executed contract

A

Plaintiff who hasn’t signed a contract may sue a defendent who has signed

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13
Q

Part Performance

A

One party cannot allow the other party to act to their own detriment

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14
Q

Unjust Enrichment

A

One party was unjustly enriched to the detriment of the other party

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15
Q

Contract does not specify amount of payment

A

The payment should be based upon what the work is worth

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16
Q

Plaintiff must establish 3 things:

A

Defendant was enriched
Corresponding cost to plaintiff
Absence of just reason for enrichment

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17
Q

Unjust Solution

A

Money is not recoverable for timing reasons

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18
Q

Parol Evidence Rule

A

If written contract is clear, then oral evidence may not be admitted to alter the terms

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19
Q

No rigid in application

A

Result in an injustice outcome

Accept oral evidence to show written contract is not an entire contract

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20
Q

Collateral Contract

A

An additional agreement that affects the meaning and scope of the first contract

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21
Q

Applied when

A

Party alleges contract before court is not total agreement

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22
Q

Standard Form Agreements

A

Tend to favour the party who prepared the contract

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23
Q

General Rule

A

People are bound by the printed terms whether they read them or not

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24
Q

Impractical to read agreement

A

Party preparing must point out key terms

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25
Q

Performance

A

Contract must be performed exactly as the parties agreed

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26
Q

Substantial Performance (defence)

A

Major parts of contract were performed

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27
Q

Fundamental breach elements - Plaintiff must prove 1 of 3 components

A

Received no benefit
Work done was different from contracted work
Other party abandoned before completion

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28
Q

Time Performance

A

Contract must be performed within the time stated or within a reasonable time frame

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29
Q

Time shall be of the essence

A

Attempt to complete asap

Undue delays are breach of contract

30
Q

Dependency Performance

A

One party must fulfil their obligation before the other party can perform

31
Q

Condition Precedent

A

Establishes performance order

Can be waived by party that benefits

32
Q

Good Faith

A

Parties to a contract must show good faith in trying to complete onligations

33
Q

Breach of Contract

A

Failure to carry out obligation

34
Q

Fundamental Breach

A

Failure of one party to perform deprives other party of benefit they were contracted to receive

35
Q

Impossibility to Perform

A

Subject matter destroyed
Illness makes personal service impossible
Law changes

36
Q

Bankruptcy

A

A legal process in which a party places all financial affairs into the hands of a trustee

37
Q

3 Remedies

A

Bankruptcy
Orderly payment of debts
Proposals

38
Q

Assigment of Contract

A

Parties to a contract transfer rights or obligations to third party

39
Q

Insurance Contracts

A

Pooling of funds to reduces risks

40
Q

Bailments

A

A contract giving temporary possession of goods to a person for a specific purpose

41
Q

3 Elements

A

Delivery of personal property
Possession of property by the bailee for specific purpose
Return of the goods to the bailor

42
Q

Subbailment

A

Goods entrusted to one person, who then entrusts them to another pereson

43
Q

Gratuitous Bailments

A

Benefit or service free of charge

44
Q

Bailor Benefit

A

Bailee is required to care for property as an ordinary person would take care of his property
Bailee not liable if damage was not because of actions

45
Q

Bailee Benefit

A

Can only use property for purpose it was loaned

Must take utmost care of goods - Liable for damage

46
Q

Renting Property

A

Bailor must ensure goods are fit for use

Bailee must only use goods for purpose, cannot subbail without permission

47
Q

Repairing Property

A

Bailee does more than contracted, bailor does not have to pay

48
Q

Bailor

A

Owner of goods

49
Q

Bailee

A

Possessor of property for specific purpose

50
Q

Sale

A

Transfer of the title of goods in return for the payment of money

51
Q

Agreement to Sell

A

A contract to enter into future sale if conditions are fulfilled

52
Q

Absolute Sale

A

Ownership or title passes immediately

53
Q

Conditional Sale

A

Buyer aquires goods, but not immediate title

54
Q

Bill of Sale

A

Proof of purchase and transfer of title

55
Q

Sale of Goods Act

A

Requires that all sale of goods over $40 must be in writing to be enforceable

56
Q

Written contract is not required if:

A

Buyer makes a partial payment or takes possession of the goods

57
Q

Unascertained Goods

A

Not unique in any manner

58
Q

Specific Goods

A

Clearly set aside for the buyer

59
Q

Component of ascertained/specific goods:

A

Must be in deliverable state

60
Q

Buyer must done 1 of 3 for title to pass

A

Signify approval to seller
Perform some other act adopting the transaction
Retain the goods without giving notice of rejection beyond return time

60
Q

Risk on goods shipped f.o.b.

A

Transferred to buyer when goods are placed on board for shipment

61
Q

C.i.f. Risk transfers

A

When goods are delivered

62
Q

Goods perished when sale was made

A

Sale is void

63
Q

Condition

A

Essential part of contract & must be fulfilled

64
Q

Warranty

A

Not essential part of contract, collateral to main purpose of contract

65
Q

Sale by Description

A

Buyer can cancel contract if not as described

66
Q

Fitness of Goods

A

Seller must supply the goods which the buyer requested for a specific purpose

67
Q

Seller remedies for nonpayment

A

Refuse to deliver
Stop in transit
Resell the goods
Sue for breach of contract

68
Q

Buyer remedies for breach of contract

A

Sue for specific performance
Sue for damages
Rescind the contract
Seek a price adjustment

69
Q

Conditional contract

A

Title passes when buyer meets conditions -Instalment plan

70
Q

Must include

A

Identify goods, the price, & terms of payment

71
Q

Register conditional contract

A

Protect sellers interest in goods - buyer Cannot sell when $ is owing to seller

Legal Systems (1 decks)

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