Week 1

Question 1

What is a contract

Answer 1

A legally enforceable decision

Question 2

Contractual Elements are…

Answer 2

Agreement and Offer, Consideration, Intention, Certainty

Question 3

Some contracts have to be formally written, which is imposed by statute, and can include areas such as……

Answer 3

residential tenancies, sale of land, sale of motor vehicles, consumer credit. This is due the product having more value than commercial contracts.

Question 4

Moral Explanations for keeping promises ( contract wise)

Answer 4

Ethical Imperatives
Recognition of consent
Parties act in Reliance

Question 5

Practical Reasons for keeping promises ( contract wise)

Answer 5

economic efficient exchanges
secure supply
ensure clarity
manage risk ( including exemption clauses)

Question 6

Equity

Answer 6

Subset of Common Law

Question 7

Invalid Contract

Answer 7

Nothing to enforce
Void ab initio (void from the beginning)
No agreement, or missing a key factor

Question 8

Unenforceable Contract

Answer 8

Circumstances may have changed, eg covid
Contract can be valid, but still unenforceable due to vitiating factor.