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17 Cards in this Set
- Front
- Back
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On what is National Contract Law influenced by? |
1: EU Law 2: International binding principles 3: International dispute settlement |
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How do we know if there is consent of parties? |
Both parties have to agree to the contract with true consent. (no true consent if one of the parties was drunk) |
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How do we know that there was a consent? |
By a signature |
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Can a party be forced to perform? |
No, "free" consent is required. |
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What are the Principles of Freedom of Contract? |
- Formation; consensus ad idem (meeting of the minds) - Intention to be legally bound - Terms and obligations decided by parties - Vitiating factors; show there was no consensus ad idem - Discharge; party has freedom to accept partial performance - Breach; party has freedom to choose between rejecting the contract or continuing with the contract |
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Where does Soft Law stems from? |
Originating from institutions of the EU and other private initiatives. -> secondary sources, not mandatory or binding. |
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What are the 3 legal systems? |
1- Civil Law: PECL -> non binding/soft law 2- Common Law: English Law -> legally binding, no code 3- Common Law: US Restatement -> non binding |
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What is the definition and requirements of a contract? |
- promise that can be enforced in Court - offer and acceptance (agreement) - consent ->vitiating facts - legally binding - consideration -> formation of a contract |
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What is the principle of good faith? |
1: good faith - to act in a good manner 2: feature of Civil Law |
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How is a contract formed? |
1: offer 2: acceptance 3: intention 4: enforceability 5: consideration 6: capacity 7: agreement 8: lack of vitiating factor 9: contract |
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What is a contract according to the Common Law? |
A contract is an agreement giving rise to obligations which are enforced and recognised by law. |
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What is a Bilateral contract? |
A promise form one party + Reciprocal promise by the other party = rights and obligations for both parties. |
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What is an Unilateral contract? |
Promise from only one party + performance by another party = rights and obligations for both parties. Remember the lost wallet example. |
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What is the distinction between a Bilateral and Unilateral contract? |
Performance! Unilateral: contract starts when the requested act is performed. |
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What is consensus ad idem? |
To have the same understanding of the terms of the agreement. |
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What is mutual assent? |
Only when parties are of the same mind the Courts hold them to their agreement |
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What are the basic rules of an offer? |
1: valid offer followed by a valid acceptance 2: terms of the offer are the terms contract 3: offer must be sufficiently certain 4: can made to specific party or the whole world 5: must be distinguish from an invitation to treat (make an offer) 6: must be comunicated |
