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25 Cards in this Set
- Front
- Back
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What is an offer? |
a willingness to enter into a legally binding contract... containing material terms and an intention to be bound |
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Rejection must be ... |
unequivocal |
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what is acceptance |
an unqualified assent to the terms of the contract |
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what is consideration |
1.) what makes the promise enforceable 2.) benefit conferred to promisor 3.) detriment incurred by promisee |
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D promises to PAY MORE than originally agreed in return for C's promise to perform existing duty ... which cases ? |
Stilk v Myrick and Williams v Roffey Bros .. was C induced |
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D promises to FOREGO RIGHT to balance of debt (accept less than owed by C in return for part-payment of debt ... which cases ? |
Foakes v Beer and Re Selectmove and MWB ... if unenforceable promissory estoppel |
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what is promissory estoppel |
an equitable doctrine where one party promises not to apply his strict contractual rights |
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what amounts to unfair pressure |
illegitimacy of pressure amounting to the compulsion of the will of the victim |
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what constitutes a threat |
to commit a tort, to refuse future business and to breach an existing contract |
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what constitutes compulsion? |
inadequacy of alternatives, absence of protest, affirmation or independent advice |
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which acts for B2B contracts |
Sale of Goods Act 13, 14 Supply of Goods and Services 13 ... then ... Unfair Contract Terms Act 2 for neg and 6 for 13-15 |
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which act for B2C contracts |
Consumer Rights Act 9, 10, 11, 49, and 31for9, 57for49 |
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whats the contra proferentum rule |
the clause will be construed against the party seeking to rely on it |
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what is the principal aim for damages |
to put the C in the position he would have been had the contract been performed |
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what is an actual breach |
unexcused failure to perform |
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what is a common mistake |
a mistake made by both parties |
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what is a unilateral mistake |
one party makes a mistake |
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what happens when void |
if not performed - parties are relieved if part performed - restitution parties must return what they received, if something cant be returned in original form its value is |
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what is frustration |
when an event occurs after the contact s made but before it is concluded which so fundamentally changes the circumstances making performance impossible, illegal or radically different |
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what happens when frustration occurs |
both parties are automatically and immediately released from their obligations |
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when will frustration not have occurred |
where one party assumed the risk performance is simply more onerous the claimant caused the event |
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what are the consequences of frustration in statute |
Law Reform (Frustrated Contracts) Act s1(2) can recover payments before may retain expenditure incurred performing s1(3) can claim valuable benefits received in performing |
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what is misrepresentation |
a false or misleading statement of fact which induces the addressee to enter into a contract |
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opinion becomes fact when ... |
not genuinely held / made by expert |
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what are the bars to rescission |
affirmation, lapse of time, counter-restitution impossible |
