Contract Law: DEFINITIONS

Descrição

These flashcards are all about key terms
Zahrah Mehmood
FlashCards por Zahrah Mehmood, atualizado more than 1 year ago Mais Menos
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Zahrah Mehmood
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Resumo de Recurso

Questão Responda
Offer An offer is a statement of terms which the person making the offer is willing to enter a contract; it can be written or verbal.
Invitation to Treat (ITT) An indication of a willingness to start negotiations and is not an offer.
Acceptance The final expression of agreement (assent) to terms of an offer.
Commercial Generally where one of the parties is a business.
Domestic Generally, where the parties are friends or family.
Presumption What the law will automatically think, unless there is a valid rebuttal.
Rebuttal A reason why the presumption would not be fair or valid.
Deed A formal written and witnessed document.
Consideration Each party will give something of value.
Actual Breach When one of the terms is either not completed or is not properly completed.
Anticipatory Breach Where one of the parties states or indicates that they will not perform their part of the contract.
Condition Is a term of the contract and if not performed it will go to the heart of the contract.
Warranty Minor term of the contract and if it isn't performed it will cause loss but does not go to the heart of the contract.
Loss of the Bargain This is the money awarded to replace the costs incurred in entering the contract in the first place.
Consequential Losses This is the money awarded to make up for the costs incurred as a result of the breach of contract.

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