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Contract Law Keyword

Law of Contract

QuestionAnswer
Agreement A clear, complete and unconditional offer and acceptance of an offer.
Revocation A withdrawal of the offer by the offerer before it has been accepted.
Rejection This is refusal of the offer by the party to whom the offer is made.
Lapse of time If the offer is not accepted within a specified time or if no time limit is specified it will terminate after a reasonable time.
invitation to treat an invitation to a person to make an offer.
Consideration Something of value offered by a party to a contract in exchange for something of value received.
Intention to contract It must be the real intention of both parties to create a legally binding agreement, so that of something goes wrong they can go to court.
Capacity to contract all natural persons (human beings) and legal/corporate persons, such as companies, have the legal right to enter into a contract.
Legality of form Certain contracts, to be considered legal, must be drawn up in a particular manner.
Consent to Contract The parties must be entering the contract voluntarily. A contract maybe invalid if pressure is used to get agreement.
Legality of purpose If a contract is made for an illegal purpose it is not a legal contract and no action can be taken in the courts to enforce it if one of the parties breaches its terms.
Condition A major clause that is fundamentally important and goes to the heart of the contract. If unfulfilled it constitutes a breach of contract.
Warranty A minor term in a contract. If a warranty is breached the injured party may sue for damages but has no right to treat the contract as terminated.
Performance The parties of the contract fulfil their obligations as agreed. They perform exactly as stated in the contract and have done whet they agreed to do.
Breach If one of the parties does not perform his/her side of the bargain/contractual obligation i.e. does not honour the promises made, the contract is said to have been repudiated.
Agreement The parties to the contract may agree to end/cancel a contract by mutual consent whether or not the purpose of the contract has been achieved.
Frustration An unforeseen event prevents the contract from being completed. Something happens which makes it impossible to complete the contract.
Specific Performance This is a court order to the defaulting party ordering the performance of the contract as originally agreed.
Rescinding the Contract The contract is cancelled and each party is restored to the position they were in before the contract was made.
Created by: bccns business