LIM Lect 3

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Author:
beligagu
ID:
29783
Filename:
LIM Lect 3
Updated:
2010-08-13 03:32:49
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Law
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Lim Lect 3
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  1. DEFINITION OF CONTRACT
    AN AGREEMENT BETWEEN TWO OR MORE PARTIES WITH THE INTENTION OF CREATING CERTAIN LEGAL RIGHTS AND OBLIGATIONS AND WHICH SHALL BE ENFORCEABLE IN A COURT OF LAW
  2. UNILATERAL CONTRACT
    A PROMISE FOR AN ACT
  3. BILATERAL CONTRACT
    PROMISE FOR A PROMISE
  4. VOID CONTRACTS
    LACKS LEGAL VALIDITY AND IS UNENFORCEABLE BY EITHER PARTY (AT ANY TIME)
  5. VOIDABLE CONTRACTS
    A VALID CONTRACT THAT CONTAINS SOME DEFECT AND CAN BE MADE VOID AT ANY TIME (FROM THAT POINT ONWARDS)
  6. EXPRESS CONTRACT
    WHERE PARTIES HAVE USED SPECIFIC WORDS - WRITTEN OR ORAL
  7. IMPLIED CONTRACT
    IMPLIED FROM THE CONDUCT OF THE PARTIES (EG. RETAIL TRANSACTIONS)
  8. INTENTION - CONTRACTS
    THE PARTIES MUST INTEND THAT THEIR PROMISES CREATE LEGALLY ENFORCEABLE OBLIGATIONS
  9. AGREEMENT - CONTRACTS
    THERE MUST BE AN OFFER BY ONE PARTY AND AN ACCEPTANCE, OR SOME EVIDENCE OF FINAL AGREEMENT, BY THE OTHER
  10. CONSIDERATION - CONTRACTS
    THERE MUST BE SOMETHING OF VALUE PASSING FROM ONE PARTY TO ANOTHER IN RETURN FOR A PROMISE TO DO SOMETHING (UNLESS AGREEMENT IS MADE UNDER SEAL).
  11. WHAT EFFECT DO COUNTER-OFFERS HAVE ON THE ORIGINAL OFFER?
    TERMINATE ORIGINAL OFFER
  12. ACCORDING TO POSTAL RULE, WHEN IS AN OFFER AND WHEN IS AN ACCEPTANCE?
    • OFFER - WHEN OFFEREE RECEIVES OFFER BY MAIL
    • ACCEPTANCE - WHEN OFFEREE POSTS ACCEPTANCE BY MAIL

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