2. Consideration + Parties

Question 1

Bilateral contract?

Answer 1

Promise for a promise

Question 2

Unilateral contract?

Answer 2

Promise for an act

Question 3

Presumption of intention in a Domestic agreement

Answer 3

Assume no intention to create legal relation

Question 4

Commercial agreement

Answer 4

Strong presumption to create legal relations

Question 5

Consideration doesnt have to be…

Answer 5

Adequate e.g. alot of money

Question 6

Consideration only has to be….

Answer 6

Sufficient - appropriate (promise not to smoke)

Question 7

when must consideration be made?

Answer 7

Before act unless:
* requested by promisor
* mutual agreement for consideration after
* promise made in advance

Question 8

Promissory estoppel

Answer 8

1. I promise not to use my legal rights
2. you rely on that promise
3. i change my mind + want to legally enforce
4. I am estopped - cannot go back - unfair

Question 9

When part payment of a sum due count as consideration?

Answer 9

Practical benefit e.g. offer pay only half but ill give it to you 1 week earlier

Question 10

If landlord agrees to accept reduced rent for the next 2 months, can they backdate it beyond 2 months?

Answer 10

No

Question 11

Apparent Authority

Answer 11

• representation by principal that agent appears to have authority
• 3rd party relies on representation
• • enter into contract