chapter 3 Flashcards
(31 cards)
What are the five essentials of a valid contract under English law?
A: Offer and acceptance, intention to create legal relations, consideration, correct form (if required), capacity to contract.
What is a unilateral contract?
A: A contract where one party makes a promise in return for a specific act, binding only when the act is done (e.g. offering a reward).
What makes a contract void?
A: It’s unenforceable by law, often due to illegality or lack of capacity.
What is the difference between void and voidable contracts?
A: Void contracts have no legal effect; voidable contracts are valid unless set aside by one party.
What is an invitation to treat?
A: A statement inviting offers, not a binding offer itself (e.g. goods on display).
How can an offer come to an end?
A: Time lapse, death, revocation, rejection/counter-offer, or acceptance.
What is required for acceptance to be valid?
A: It must be unqualified, match the offer, and be communicated (unless waived).
What is the legal rule for minor variations in acceptance?
A: De minimis – the law ignores trivial differences.
What happens if a specific method of acceptance is requested but another is used?
A: It is valid if equally effective.
What is an example of a unilateral contract?
Offering a reward for a lost dog.
When does acceptance by post become effective?
At the moment it is posted, not when it is received.
Can silence amount to acceptance?
No, acceptance must involve a positive act.
What does ‘consideration must not be past’ mean?
It must be given in exchange for a promise, not after the act is done.
What is promissory estoppel?
A principle preventing someone from going back on a promise if it was relied on.
What contracts must be in writing?
Contracts for land sales, marine insurance, hire-purchase, etc.
What is an invitation to treat?
A statement inviting offers, not an offer itself (e.g. goods on shelves).
What is nominal consideration?
A symbolic amount (e.g. £1) used to make a contract legally binding.
What makes consideration valid?
A: It must be real, not past, from the promisee, and not based on an existing duty.
When is a minor bound by a contract?
A: When it is for necessaries or is beneficial (e.g., apprenticeship).
What is promissory estoppel?
A: A principle preventing someone from going back on a promise if the other relied on it to their detriment.
What’s the difference between a void and a voidable contract?
A: Void = no legal effect. Voidable = valid until one party sets it aside.
Name 3 situations where terms may be implied into a contract.
A: By fact, by custom/usage, by law/statute.
What must a deed include?
A: It must be signed, witnessed, and state that it is a deed.
hat does the Consumer Rights Act 2015 imply in contracts?
A: Right to sell, conformity to description, satisfactory quality, fit for purpose, match sample.
