Week 1 Flashcards

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1
Q

What is a contract

A

A legally enforceable decision

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2
Q

Contractual Elements are…

A

Agreement and Offer, Consideration, Intention, Certainty

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3
Q

Some contracts have to be formally written, which is imposed by statute, and can include areas such as……

A

residential tenancies, sale of land, sale of motor vehicles, consumer credit. This is due the product having more value than commercial contracts.

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4
Q

Moral Explanations for keeping promises ( contract wise)

A

Ethical Imperatives
Recognition of consent
Parties act in Reliance

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5
Q

Practical Reasons for keeping promises ( contract wise)

A

economic efficient exchanges
secure supply
ensure clarity
manage risk ( including exemption clauses)

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6
Q

Equity

A

Subset of Common Law

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7
Q

Invalid Contract

A

Nothing to enforce
Void ab initio (void from the beginning)
No agreement, or missing a key factor

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8
Q

Unenforceable Contract

A

Circumstances may have changed, eg covid
Contract can be valid, but still unenforceable due to vitiating factor.

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