C4 - Contract Law Flashcards Preview

Finance And Administration > C4 - Contract Law > Flashcards

Flashcards in C4 - Contract Law Deck (8):
1

Elements of a contract

Offer & acceptance - willingness to be bound, verbal, written - Carrol v Carbolic smoke

Consideration - some right, interest, profit or benefit to one party

Intention - intent to create legal relations

2

Anyone can accept contract, except

D - drunk
I - insane
M - minor
B - bankrupt

3

Remedies for breach of contract

Damages

Put innocent party In position they were at if contract hadn't been breached

4

Remedies for breach of contract

Specific performance

Order parties to fulfil obligations

Unique asset

5

Remedies for breach of contract

Injunction

Stop someone doing something

6

Remedies for breach of contract

Mereva injunction

Freeze asset

Defendant can't dispose of asset

7

Remedies for breach of contract


Recission

Parties put to position they were at before contract

8

Consideration

Must be provided by both parties before legally binding

Need not be adequate, must be sufficient

Chappell and co V nestle co ltd