Podcast
Questions and Answers
What is generally true about an agreement to go out for dinner between friends?
What is generally true about an agreement to go out for dinner between friends?
Parties to a casual dinner agreement usually intend to create a legally binding contract.
Parties to a casual dinner agreement usually intend to create a legally binding contract.
False
What must be present for an agreement to be considered legally binding?
What must be present for an agreement to be considered legally binding?
Intention by the parties.
In order for an agreement to be legally binding, there must be an intention of the parties that the agreement should be _____.
In order for an agreement to be legally binding, there must be an intention of the parties that the agreement should be _____.
Signup and view all the answers
Match the following terms with their definitions:
Match the following terms with their definitions:
Signup and view all the answers
What is described as instantaneous methods of communication?
What is described as instantaneous methods of communication?
Signup and view all the answers
Words are spoken and heard at different times during instantaneous communication.
Words are spoken and heard at different times during instantaneous communication.
Signup and view all the answers
Name one method of instantaneous communication.
Name one method of instantaneous communication.
Signup and view all the answers
What is sufficient for a contract to exist?
What is sufficient for a contract to exist?
Signup and view all the answers
An agreement made without the intention to create legal relations is binding as a contract.
An agreement made without the intention to create legal relations is binding as a contract.
Signup and view all the answers
In instantaneous communication, words are _____ and heard at the same instant.
In instantaneous communication, words are _____ and heard at the same instant.
Signup and view all the answers
Match the following communication methods with their characteristics:
Match the following communication methods with their characteristics:
Signup and view all the answers
What must be present for an agreement to be considered a legally binding contract?
What must be present for an agreement to be considered a legally binding contract?
Signup and view all the answers
The ________ consideration can be sufficient to establish legal relations without needing to provide a substantial value.
The ________ consideration can be sufficient to establish legal relations without needing to provide a substantial value.
Signup and view all the answers
What does the term 'physical intimidation' primarily involve?
What does the term 'physical intimidation' primarily involve?
Signup and view all the answers
What is consideration in the context of a contract?
What is consideration in the context of a contract?
Signup and view all the answers
Physical intimidation is considered one of the most clear forms of intimidation.
Physical intimidation is considered one of the most clear forms of intimidation.
Signup and view all the answers
What are some aspects included in the concept of 'intimidation' as mentioned?
What are some aspects included in the concept of 'intimidation' as mentioned?
Signup and view all the answers
Consideration is not necessary for a promise to be enforceable as a contract.
Consideration is not necessary for a promise to be enforceable as a contract.
Signup and view all the answers
What is required to make a promise enforceable as a contract?
What is required to make a promise enforceable as a contract?
Signup and view all the answers
The term used for threats to another party's bodily integrity is known as ______.
The term used for threats to another party's bodily integrity is known as ______.
Signup and view all the answers
In a contract, consideration is defined as something of ______ that is given for a promise.
In a contract, consideration is defined as something of ______ that is given for a promise.
Signup and view all the answers
Match the following types of intimidation with their descriptions:
Match the following types of intimidation with their descriptions:
Signup and view all the answers
What is misrepresentation in a legal context?
What is misrepresentation in a legal context?
Signup and view all the answers
Misrepresentation can only occur after a contract is signed.
Misrepresentation can only occur after a contract is signed.
Signup and view all the answers
What must misrepresentation do in order to be significant in a legal context?
What must misrepresentation do in order to be significant in a legal context?
Signup and view all the answers
Misrepresentation is defined as an untrue statement of fact made by one party to the other in the course of negotiating a __________.
Misrepresentation is defined as an untrue statement of fact made by one party to the other in the course of negotiating a __________.
Signup and view all the answers
Match the following legal terms with their definitions:
Match the following legal terms with their definitions:
Signup and view all the answers
Study Notes
Formation of a Contract
- A contract begins with an offer.
- An offer is a clear statement of terms, the offeror is willing to contract.
- An offer allows the other party to accept, forming the basis of the agreement.
- An invitation to treat is distinguished from an offer.
- An invitation to treat is a statement made where a contract is not intended if the person assents to the terms.
Types of Offers
- Advertisements: An advertisement is an invitation to treat, not an offer.
- Display of goods: Displaying goods in a shop is an invitation to treat.
- Auctions: An auctioneer's request for bids is an invitation to treat.
- Tenders: Invitations to tender are invitations to treat.
Termination of an Offer
- Rejection: Rejecting an offer terminates it.
- Lapse of time: Offers expire after a reasonable time.
- Death: An offer terminates if the offeror dies.
- Conditional acceptance: A conditional acceptance is a counter-offer.
Acceptance
- Acceptance occurs when a party agrees to the offer.
- Acceptance must be made by the correct person.
- Acceptance must match the terms of the offer.
- Acceptance must be communicated to the offeror.
- Silence is not typically considered acceptance.
Consideration
- Consideration for a promise is needed to enforce a contract.
- Consideration is something of value given or promised.
- Consideration does not need to be adequate.
- A gratuitous promise is not enforceable.
Intention to Create Legal Relations
- An agreement is not legally binding without the intention to create legal relations.
- Commercial agreements usually imply intention.
- Social and domestic agreements likely lack this intention.
Misrepresentation
- Misrepresentation is an untrue statement of fact made during negotiations inducing the other party to enter the contract.
- Fraudulent misrepresentation: A deliberate false statement made with the intention to deceive.
- Negligent misrepresentation: A false statement made without reasonable care.
- Innocent misrepresentation: A false statement made believing it was true.
Mistake
- Mistake in a contract occurs when one or both parties make an error about the contract.
- Unilateral mistake: One party is mistaken, while the other is not.
- Mutual mistake: Both parties are mistaken.
- To claim mistake, both parties must be mistaken.
Duress
- Duress is wrongful pressure coercing someone into a contract.
- Physical duress: Threat of physical harm to enter the contract.
- Economic duress: Threatening financial harm to enforce the contract.
Formation of Contracts Through the internet
- Contracts can be made through various online channels.
- E-mail correspondence, websites, and interactive communication form contracts.
- Different types of online contracts could be used in business-to-consumer, business-to-business, or consumer-to-consumer transactions.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
Description
Test your understanding of the formation of contracts, including the components of offers and the distinction between offers and invitations to treat. This quiz covers key concepts such as types of offers and conditions that can terminate an offer. See how well you grasp these fundamental legal principles!
