Podcast
Questions and Answers
What are the three requirements to a valid contract?
What are the three requirements to a valid contract?
- Consensus ad idem, consideration, legality of object
- Offer, acceptance, consideration
- Agreement, intention to create legal relations, certainty
- Legality, capacity, voluntariness (correct)
What is the difference between a void contract and a voidable contract?
What is the difference between a void contract and a voidable contract?
- A void contract is valid until one party revokes it, while a voidable contract is invalid from the beginning.
- A void contract can be ratified, while a voidable contract cannot.
- A void contract is enforceable, while a voidable contract is not.
- A void contract is regarded as never having existed, while a voidable contract allows one party to end it. (correct)
What determines if a contract is enforceable according to the text?
What determines if a contract is enforceable according to the text?
- Consensus ad idem, legality of object, certainty
- Legality, capacity, voluntariness (correct)
- Agreement, intention to create legal relations, certainty
- Offer, acceptance, consideration
Which type of misrepresentation involves a false statement made deliberately about an important term in a contract?
Which type of misrepresentation involves a false statement made deliberately about an important term in a contract?
In which type of misrepresentation can the innocent party void the contract and sue for damages under the tort of deceit?
In which type of misrepresentation can the innocent party void the contract and sue for damages under the tort of deceit?
When does the innocent party have the option to void or end the contract in cases of Innocent Misrepresentation?
When does the innocent party have the option to void or end the contract in cases of Innocent Misrepresentation?
What is the duty of disclosure that arises out of a special relationship of trust between the parties called?
What is the duty of disclosure that arises out of a special relationship of trust between the parties called?
In which situation is Undue Influence presumed?
In which situation is Undue Influence presumed?
What type of coercion involves influencing a party into entering a contract through the threat or use of harm to their person, reputation, or finances?
What type of coercion involves influencing a party into entering a contract through the threat or use of harm to their person, reputation, or finances?
In which type of relationship must there be a mental domination of one party over the other to the extent that the person is robbed of free will?
In which type of relationship must there be a mental domination of one party over the other to the extent that the person is robbed of free will?
What must a person under duress do once the threat is removed?
What must a person under duress do once the threat is removed?
What happens to contracts with illegal purposes or against public policy?
What happens to contracts with illegal purposes or against public policy?
How do non-disclosure clauses in employment contracts differ from non-competition agreements?
How do non-disclosure clauses in employment contracts differ from non-competition agreements?
What does public policy dictate regarding contracts with minors, mentally impaired, or intoxicated individuals?
What does public policy dictate regarding contracts with minors, mentally impaired, or intoxicated individuals?
What is the purpose of capacity in contract law?
What is the purpose of capacity in contract law?
Who may have restrictions on their contracting abilities based on their legal status or financial situation?
Who may have restrictions on their contracting abilities based on their legal status or financial situation?
What does voluntariness in contract formation ensure?
What does voluntariness in contract formation ensure?
What must contracts have to be enforceable by the court?
What must contracts have to be enforceable by the court?
What is the contractual capacity of minors?
What is the contractual capacity of minors?
What does diminished contractual capacity refer to?
What does diminished contractual capacity refer to?
Which entities have limited or no capacity for contracting?
Which entities have limited or no capacity for contracting?
What may mistakes in contracts lead to?
What may mistakes in contracts lead to?
What may misrepresentation, undue influence, or duress during contract formation provide the option for?
What may misrepresentation, undue influence, or duress during contract formation provide the option for?
Study Notes
Understanding Contract Law
- Contracts with illegal purposes or against public policy are unenforceable by courts, rendering them void.
- Non-disclosure clauses in employment contracts differ from non-competition agreements, as they relate to loyalty and breach of employment contract.
- Public policy dictates that contracts with minors, mentally impaired, or intoxicated individuals may not be enforceable against them, protecting vulnerable parties.
- Capacity is crucial in contract law, protecting vulnerable parties and setting conditions for understanding and entering into contracts.
- Corporations, labor unions, and bankrupt individuals may have restrictions on their contracting abilities based on their legal status or financial situation.
- Voluntariness in contract formation ensures that all parties enter into contracts willingly and with full understanding, free from invalid actions by the other party.
- Contracts must have a legal purpose and not be against public policy to be enforceable by the court.
- Minors have limited contractual capacity, with exceptions for beneficial contracts of service and provision of necessaries.
- Diminished contractual capacity refers to recognized conditions affecting a party's ability to understand the contract, requiring immediate termination upon regaining capacity.
- Other entities with limited or no capacity include corporations, labor unions, Aboriginal peoples, and bankrupt debtors.
- Mistakes in contracts, such as mistaken assumptions or recording errors, may lead to remedies like rectification or voiding the contract.
- Misrepresentation, undue influence, or duress during contract formation may provide the option to void the contract for the affected party.
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Description
Test your knowledge of contract law with this quiz covering topics such as capacity, legality, voluntariness, and remedies for mistakes and misrepresentation. Explore the nuances of contract formation and the protection of vulnerable parties in legal agreements.
