Contract Law

Frage	Antworten
Contract (Promises)	Promise or a set of promises which the law will enforce
Contract (Agreements)	Agreement giving rise to obligations which are enforced or recognised by law
Promise	Guarantee that something will be done
Agreement	A meeting of minds with the understanding and acceptance of reciprocal legal rights and duties as to particular actions or obligations
Contract Formation Requirements	1) Offer & Acceptance via cons. ad idem 2) Intention to create legal relations 3) Consideration or Deed
Contract Formation Qualifiers	1) Capacity (i.e. not minors/drunk/unsound) 2) Not contrary to public policy 3) All legal formalities to be complied with
Consensus Ad Idem	• Meeting of Minds • Objective Test (Clapham omnibus) • Agreement between offer & acceptance
Offer	Willingness to contract on specified terms with the intention that, if accepted, it shall become a binding contract
Offer vs Invitation to Treat	•Display of goods in not an offer to sell at that price but an invitation to treat • The customer makes the offer at the till which the shop accepts to conclude the contract
Acceptance	Unconditional assent communicated by the offeree to the offeror, to all terms of the offer, made with the intention of accepting
Consideration	• Law will not enforce a gratuitous promise • Something of value which legitimises the contract
Vitiating Factors	• Misrepresentation • Duress • Undue Influence • Certain forms of Mistake
Discharge of Contract	• Performance • Agreement • Breach • Frustration
Performance (Discharge)	• All parties fulfil their obligations • Precise and exact • Harshness of contracts (severability/substantial performance/partial performance)
Agreement and Frustration (Discharge)	• Without fault of either party • Event renders further performance an impossibility
Breach of Contract	• Failure to perform • Repudiation [I won't do it] • Any breach that takes place before the time of performance is an anticipatory breach
Remedies for Breach	• Losses due to: damages / quantu meruit • Specific Performance • Injunction
Measure of Damages	• Expectation Measure: Restore injured party to EXPECTED economic position • Reliance Measure: Restore injured party to INITIAL economic position • Liquidated Ascertained Damanges
Remoteness of Damage (Two Limbs)	• 1st Limb: Arising Naturally •2nd Limb: Reasonably in contemplation by both parties
Mitigation	Avoidance and management of losses caused by the breach
Retrospective Acceptance	Start now, sign contract later
Revocation	Choose new vendor / supplier
Most prevalent issue in contracts	“parties…conducting their transactions with one another…on the assumption that a contract would ultimately be agreed upon” – as established in Trollope & Colls v Atomic Power Construction.

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