Max's Legal Refresher - Contract Law (I)

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Definition of "offer"?
Expression of willingness to contract on certain terms, made with the intention that it shall become binding as soon as it is accepted by the person to whom it is addressed. (Treitel on Contract Law)
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Definition of "contract"?
Legally binding promise (written or oral) by one party to fulfil an obligation to another party in return for consideration. (PLC)
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Elements of a contract?
Offer, acceptance, consideration and intention to create legal relations
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Which is NOT a requirement for acceptance?
Must be communicated (Entores) directly by the party itself
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Definition of "consideration"?
Act or forbearance of one party, or the promise thereof, is the price for which the promise of the other is bought (Pollock on Contracts)
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Which is NOT true regarding good consideration?
Must be adequate, i.e. equivalent economic value to the value of the promise (Chappell)
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Which best matches the principle affirmed in Foakes v Beer?
Performance of contractual duty to other party not normally good consideration for promise by creditor to forgo balance due
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What's the main difference between the principles in Foakes v Beer and that in Stilk v Myrick
In Stilk, A is agreeing to pay more money to B; in Foakes, A is agreeing to accept less money from B.
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Definition of "promissory estoppel"?
If one party makes promise to forgo a legal right, and other acts on it, the other has a defence to any claim by the promisor which is inconsistent with that promise (High Trees)
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Which is NOT a condition for promissory estoppel to apply (e.g. as defence to claim brought under Foakes)?
Promisee acts on promise in reliance, to his detriment (WJ Alan, obiter)
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Definition of "agency"?
Relationship under which the law recognises a person as having the power to create or alter legal rights, duties or relationships of another person, the principal
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Which is NOT a condition for apparent/ostensible authority (Freeman & Lockyer)??
Third party must have inferred that the agent had authority from the conduct of the parties and the circumstances of the case
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Which is NOT true regarding liability in agency relationships?
If apparent authority, 3rd party contracts with the agent, and agent can sue on behalf of principal
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Other cards in this set

Card 2

Front

Definition of "contract"?

Back

Legally binding promise (written or oral) by one party to fulfil an obligation to another party in return for consideration. (PLC)

Card 3

Front

Elements of a contract?

Back

Preview of the front of card 3

Card 4

Front

Which is NOT a requirement for acceptance?

Back

Preview of the front of card 4

Card 5

Front

Definition of "consideration"?

Back

Preview of the front of card 5
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