Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
law of contract
LAW OF CONTRACT LC
| Term | Definition |
|---|---|
| ELEMENTS OF A VAILD CONTRACT | Agreement Intention of contract Capacity of contract Consent of contact Consideration Legality of purpose Legality of form |
| AGREEMENT | Must be clear, unconditional and complete offer made by one party and accepted by the other party |
| OFFER | An offer is made when party one asks another to enter into a contract. The party making the offer must include all details and communicate the offer clearly. There should be no strings attached to the offer. |
| HOW AN OFFER CAN BE MADE | Orally , in writing and by conduct |
| HOW AN OFFER CAN BE TERMINATED | Revoked, Rejected , Lapse of time , Death |
| ACCEPTANCE | Orally, Writing or By conduct |
| INTENTION TO CONTRACT | Both parties intend to create a legally binding contract |
| CAPACITY TO CONTRACT | All people and businesses have the legal ability to enter into contact except an person under the age of 18 and people how are mentally incapable |
| CONSENT TO CONTRACT | The parties entering into a contract must do so voluntarily. |
| A CONTRACT IS INVALID IF | >Under physical pressure or threatened. > A mistake is made. > Either party is dishonest and gives false information |
| CONSIDERATION | Each party in the contract must give something of value to the other party. |
| LEGALITY OF PURPOSE | A legally binding contract must be created for a legal purpose |
| LEGALITY OF FORM | A contract must be drawn up in the correct legal format |
| PERFORMANCE | A contract ends by performance when both parties complete their side of the contract exactly as set out in the contract |
Created by:
gearoidinb
Popular Business sets