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35 Cards in this Set
- Front
- Back
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Offer |
the promise to do or refrain from doing something |
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offeror |
person making the offer |
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offeree |
person receiving the offer |
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Invitation to Treat |
Offer int he form of an advertisement |
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standard form contract |
common type of contract used in commercial transactions where either one or both parties are in the business of providing the goods or services contemplated in the contract |
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Real Estate Development Marketing Act (REDMA) assists... |
assists parties in signing standard form contracts (if they find a term within seven days they can cancel the contract without penalty) |
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revocation must be... |
communicated to the offeree |
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revocation |
cancelling or annulment of something by some authority |
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option agreement |
seperate contract whereby the offeror agrees to keep the offer open for a certain amount of time |
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counter offer |
shuts down original offer. careful when negotiating!! amounts to revocation of the initial offer |
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Acceptance must be... |
certain and unconditional |
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if mode of acceptance not stated |
any reasonable method will work |
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when is offer usually bound? |
when it reaches the offeree |
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postal acceptance rule |
offeror transmitted offer by mail or invited acceptance by mail, acceptance is effective when dropped in the mail (rather then when received) |
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how to get around harsh postal acceptance rule |
say mail not valid as a moad of acceptance |
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postal acceptance rule applies to what? |
only offers; not revocations |
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jurisdiction of where contract was made |
generally where acceptance becomes effective. make so that head office jurisdiction dictates laws, perhaps. ex. Governing laws: ...... |
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consideration |
something (act, return promise, etc). of value being bargained for and received by a promiser from a promisee |
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gratuitous promise |
cannot be enforced by promisee; : a promise that is made without consideration and is usually unenforceabl |
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past consideration |
consideration must be present before a contract is formed 1 |
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Foakes v Beer |
gratuitous reduction of debt (consideration); court ruled in creditor's favor |
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request for services |
when one person requests the services of another, and the other person performs them, the law implies a promise to pay (doesn't apply between family members) |
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quantum meruit |
as much as he deserved |
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requests of services: MAKE SURE THAT |
consideration is discussed before the services are rendered
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The use of a seal |
replaces the requirement for consideration as a prerequisite for a contract |
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capacity (to contract) |
the ability to bind oneself to legal relations |
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rule with minors and contracts |
minor who enters into a contract with an adult party can enforce against the adult, but not the other way around |
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minor (infant) |
person under the age of majority |
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acts against minors |
Infants Act Residential Tenancy Act |
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restraint of trade |
restrictive covenants/non competition agreements |
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EY v Stuart |
Example of a restraint of trade (a non-competition agreement) |
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Cannon v Island Acoustics |
Example of a restraint of trade (a non-competition agreement) |
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Jones v Prostar Painting and Restoration Lrd |
situation where court amended the restrictive covenant to make it reasonable and fair in the circumstances |
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Johnson v Lazzarino |
an example of a contract that violated a statute |
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