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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
Performance
Contract must be performed exactly as the parties agreed
26
Substantial Performance (defence)
Major parts of contract were performed
27
Fundamental breach elements - Plaintiff must prove 1 of 3 components
Received no benefit Work done was different from contracted work Other party abandoned before completion
28
Time Performance
Contract must be performed within the time stated or within a reasonable time frame
29
Time shall be of the essence
Attempt to complete asap | Undue delays are breach of contract
30
Dependency Performance
One party must fulfil their obligation before the other party can perform
31
Condition Precedent
Establishes performance order | Can be waived by party that benefits
32
Good Faith
Parties to a contract must show good faith in trying to complete onligations
33
Breach of Contract
Failure to carry out obligation
34
Fundamental Breach
Failure of one party to perform deprives other party of benefit they were contracted to receive
35
Impossibility to Perform
Subject matter destroyed Illness makes personal service impossible Law changes
36
Bankruptcy
A legal process in which a party places all financial affairs into the hands of a trustee
37
3 Remedies
Bankruptcy Orderly payment of debts Proposals
38
Assigment of Contract
Parties to a contract transfer rights or obligations to third party
39
Insurance Contracts
Pooling of funds to reduces risks
40
Bailments
A contract giving temporary possession of goods to a person for a specific purpose
41
3 Elements
Delivery of personal property Possession of property by the bailee for specific purpose Return of the goods to the bailor
42
Subbailment
Goods entrusted to one person, who then entrusts them to another pereson
43
Gratuitous Bailments
Benefit or service free of charge
44
Bailor Benefit
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
Bailee Benefit
Can only use property for purpose it was loaned | Must take utmost care of goods - Liable for damage
46
Renting Property
Bailor must ensure goods are fit for use | Bailee must only use goods for purpose, cannot subbail without permission
47
Repairing Property
Bailee does more than contracted, bailor does not have to pay
48
Bailor
Owner of goods
49
Bailee
Possessor of property for specific purpose
50
Sale
Transfer of the title of goods in return for the payment of money
51
Agreement to Sell
A contract to enter into future sale if conditions are fulfilled
52
Absolute Sale
Ownership or title passes immediately
53
Conditional Sale
Buyer aquires goods, but not immediate title
54
Bill of Sale
Proof of purchase and transfer of title
55
Sale of Goods Act
Requires that all sale of goods over $40 must be in writing to be enforceable
56
Written contract is not required if:
Buyer makes a partial payment or takes possession of the goods
57
Unascertained Goods
Not unique in any manner
58
Specific Goods
Clearly set aside for the buyer
59
Component of ascertained/specific goods:
Must be in deliverable state
60
Buyer must done 1 of 3 for title to pass
Signify approval to seller Perform some other act adopting the transaction Retain the goods without giving notice of rejection beyond return time
60
Risk on goods shipped f.o.b.
Transferred to buyer when goods are placed on board for shipment
61
C.i.f. Risk transfers
When goods are delivered
62
Goods perished when sale was made
Sale is void
63
Condition
Essential part of contract & must be fulfilled
64
Warranty
Not essential part of contract, collateral to main purpose of contract
65
Sale by Description
Buyer can cancel contract if not as described
66
Fitness of Goods
Seller must supply the goods which the buyer requested for a specific purpose
67
Seller remedies for nonpayment
Refuse to deliver Stop in transit Resell the goods Sue for breach of contract
68
Buyer remedies for breach of contract
Sue for specific performance Sue for damages Rescind the contract Seek a price adjustment
69
Conditional contract
Title passes when buyer meets conditions -Instalment plan
70
Must include
Identify goods, the price, & terms of payment
71
Register conditional contract
Protect sellers interest in goods - buyer Cannot sell when $ is owing to seller

Legal Systems (1 decks)

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