Chpt 7-8 Flashcards
(16 cards)
What must be present to create an enforceable contract?
- intention to create legal relationship
- offer
- acceptance
- consideration
- capacity to contract
- legality
- (sometimes in writing)
What are the first 3 elements of a contract?
Intention, offer and acceptance
What is “consensus ad idem”?
agreement as to the subject or object of the contract.
When does acceptance by post take place?
As soon as the postage is paid and acceptance is placed in postbox
When is an electronic offer of acceptance considered to be sent and valid?
Both parties are using the same info system, sent from the sender, when it becomes capable of being retrieved by the addressee.
What is click-wrap agreement?
an Internet click box of “I agree,” which constitutes valid acceptance of mentioned contractual responsibilities.
What is revocation?
Termination of an offer by notice communicated to the offeree before acceptance.
When can an offeror revoke an offer?
At any time before acceptance (unless there’s an option) - needs to be communicated to the offeree
What is an “option”?
A separate promise to keep an offer open for a period of time.
What is “intention to be bound”?
the assumption at law that strangers intend to be bound by their promises.
What is consideration?
Something that has value in the eyes of the law, and which a promisor receives in return for a promise.
What is “estoppel’?
A rule whereby a person may not evade a promise or deny the truth of a statement of fact made by him or her when another person has relied and acted upon the promise or statement.
What is “quantum meruit”?
“as much as he has earned.” A remedy that permits a person to recover a reasonable price for services and/or materials requested, where no price is established when the request is made.
What is a seal?
Formal mode of expressing the intention to be bound by a written promise or agreement (engraved impression, or wax stamp)
Name 5 factors required to prove negligent representation:
- Duty of care based on special relationship between representor/representee
- Representation must be untrue/inaccurate/misleading
- Representor must have acted negligently in making misrepresentation
- Representee relied reasonably on neg. misrepresentation
- Reliance turned out to be detrimental to representee (damages resulted)
Name 5 things that must be satisfied to prove fraudulent misrepresntation:
- Wrongdoer makes a representation of fact to victim
- Representation of fact is false
- Wrongdoer knew the representation was false at the time it was made
- Victim was intended to act on the false representation
- Victim was influenced to enter into and depend on contract
