Contracts

Descrição

200 Finals (LWSO 203 W2015) FlashCards sobre Contracts, criado por Michaela Seal em 27-04-2015.
Michaela Seal
FlashCards por Michaela Seal, atualizado more than 1 year ago
Michaela Seal
Criado por Michaela Seal mais de 9 anos atrás
10
1

Resumo de Recurso

Questão Responda
contract a legally enforceable exchange of promises
source of contract law mostly common law -statutes fill in gaps or modify (ie Sale of Goods Act)
requirements of a contract -offer -acceptance -consideration -certainty of terms -intention to create legal relations -formalities (eg written)
contract is formed at this time at point of acceptance
consensus ad idem "a meeting of the minds" -offer and acceptance
offer -must be communicated orally or written -key terms -must be capable of being accepted -time specification (if no end time, reasonable length of time)
acceptance -must still be valid to be accepted -not a counter-offer, unequivocal -must be communicated (written or oral)
exception to acceptance needing to be communicated -unilateral contracts: performance is acceptance -mailed acceptance is acceptance at time of posting -E-commerce: click is often acceptance
consideration some contribution to the exchange by each party -can either be benefit or detriment to person receiving consideration -must be adequate, does not have to be sufficient
exception to consideration needed when contract is signed under seal (eg bank loan guarantees)
certainty of key terms conditions: fundamental term, if not met the contract is void or voidable warranties: non-fundamental, if not met can sue for damages -expressed and implied terms
contra preferendum rule contract strictly interpreted against party that drafted it, especially if other party is unsophisticated
intention to create legal relations -objective, not subjective -not merely social or family relations, unless intended to be binding
contract unenforceable if -for illegal purposes -entered into under duress -entered into as a result of misrepresentation -lack of capacity to contract -mutual mistake about critical term
privity of contract -only those privy to contract can enforce it (parties to contract or principle of contracting agent) -not merely beneficiary of contract, unless agency or trust relationship
contract performance -parties are held to their precise obligations exceptions: force majeure (due to "act of God") or contract is frustrated (eg dead horse)
remedies for breach of contract -compensatory damages -punitive damages -specific performance
compensatory damages -"but for" test: what position would the parties be in if not for breach -plaintiff required to mitigate their damages -partial performance --> quantum meruit damages -damages must flow naturally/directly from breach of contract
punitive damages -when defendant acted in "high-handed" or unfair manner -to further punish defendant and to deter behaviour that caused breach in first place
specific performance -order to perform contract duty -used when damages are not adequate
Carlill v Carbolic Smoke Ball Co. -exception of need to notify of acceptance of performance in unilateral contracts, performance is enough if clear enough (eg lost dog advertisement)
employment contract: reasonable notice of termination of employment how long should it take to find another job (position, length of service, age) -minimum notice or severance payment

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