ACA Law Chapter One Contract Formation

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What are the three essential elements for a valid contract
Offer and acceptance, Consideration and an intention to create legal relations
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What factor makes a contract void
Illegality
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What factors make a contract voidable
Lack of capacity, absence of free will, mistake & misrepresentation
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What type of contracts must be in writing
Transfer of land & consumer credit agreements
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What type of contract must be evidenced in writing
Guarantees
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What is the definition of an offer
A definite promise to be bound on specific terms.
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In what situations is an invitation to treat evidenced
Advertisements, Goods in a shop window, A price list
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How can you terminate an offer
Rejection, counter offer, lapse of time, revocation by the offeror & failure of a pre existing condition
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When does revocation of an offer take effect
When it is communicated to or received by the offeree
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What constitutes a valid acceptance
An unqualified agreement to all the terms of the offer
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Does the acceptance have to be communicated to the offeror
Normally but it can be waived e.g. Carlill's case
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If acceptance is sent by post when is it effective
When it is posted even if it is delayed or lost in the post
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What are the exceptions to the postal rule
If the delay is attributable to the offeree's negligence or if the use of the post isn't in the contemplation of both parties
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What are the two rebuttable presumptions
Social domestic & family - presumed no legal intentions.
Commercial - presumed there is a legal intention
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What are the types of valid consideration
Executed - a perform or executed act in return of a promise
Executory - A promise given for a promise
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What is invalid consideration
Past, unless there was an implied promise before the fact
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Does consideration need to be adequate
No
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Does consideration need to be sufficient
Yes
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When is consideration insufficient
Performance of an existing statutory duty, performance of existing contractual duty owed to the promisor
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What can amount to valid consideration
Performance of existing contractual duty owed to a third party, waiver of existing rights
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When would the waiver of a debt by binding
Alternative consideration, bargain between creditors or third party payment
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How can terms be implied
By reference to custom, by statute or by the courts if necessary to give business efficacy or implicit in the nature of the contract itself
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Who can enforce a contract
Only a party to it
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What are the exemptions to the privity of contract rule
Road traffic act, agency, The contracts (rights of third parties act) 1999
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What factor makes a contract void

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Illegality

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What factors make a contract voidable

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Card 4

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What type of contracts must be in writing

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What type of contract must be evidenced in writing

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