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Contract Law Keyword
Law of Contract
| Question | Answer |
|---|---|
| Agreement | A clear, complete and unconditional offer and acceptance of an offer. |
| Revocation | A withdrawal of the offer by the offerer before it has been accepted. |
| Rejection | This is refusal of the offer by the party to whom the offer is made. |
| Lapse of time | If the offer is not accepted within a specified time or if no time limit is specified it will terminate after a reasonable time. |
| invitation to treat | an invitation to a person to make an offer. |
| Consideration | Something of value offered by a party to a contract in exchange for something of value received. |
| Intention to contract | It must be the real intention of both parties to create a legally binding agreement, so that of something goes wrong they can go to court. |
| Capacity to contract | all natural persons (human beings) and legal/corporate persons, such as companies, have the legal right to enter into a contract. |
| Legality of form | Certain contracts, to be considered legal, must be drawn up in a particular manner. |
| Consent to Contract | The parties must be entering the contract voluntarily. A contract maybe invalid if pressure is used to get agreement. |
| Legality of purpose | If a contract is made for an illegal purpose it is not a legal contract and no action can be taken in the courts to enforce it if one of the parties breaches its terms. |
| Condition | A major clause that is fundamentally important and goes to the heart of the contract. If unfulfilled it constitutes a breach of contract. |
| Warranty | A minor term in a contract. If a warranty is breached the injured party may sue for damages but has no right to treat the contract as terminated. |
| Performance | The parties of the contract fulfil their obligations as agreed. They perform exactly as stated in the contract and have done whet they agreed to do. |
| Breach | If one of the parties does not perform his/her side of the bargain/contractual obligation i.e. does not honour the promises made, the contract is said to have been repudiated. |
| Agreement | The parties to the contract may agree to end/cancel a contract by mutual consent whether or not the purpose of the contract has been achieved. |
| Frustration | An unforeseen event prevents the contract from being completed. Something happens which makes it impossible to complete the contract. |
| Specific Performance | This is a court order to the defaulting party ordering the performance of the contract as originally agreed. |
| Rescinding the Contract | The contract is cancelled and each party is restored to the position they were in before the contract was made. |
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