Contract Flashcards
(38 cards)
Vitiating factors for contract, what is the word “vitiating” mean?
Void= the law DOES NOT recognize it as a valid contract:
-Incapacity (legal disqualification)
-Mistake
-Illegality
Voidable:
-Misrepresentation
-Duress
-Undue influence
Question:
Signing a contract when he is drunk is which one?
Undue influence
vitiating: destroy or impair the legal validity of.
3 types of misrepresentation:
1. __: ignorant, he himself believes it’s true.
2. __: careless, fail to take reasonable care.
3. __: lied, giving false information knowingly
If the person DID NOT rely on your information, you’re not liable for the misrepresentation.
innocent;
Negligent;
Fraudulent
Contract is __ when below occurs:
-Frustration: something happened that’s not within control of the parties (i.e. govt acquisition)
-Non-performance: contract couldn’t be executed due to terms not satisfied (i.e. subjec to LDAU’s approval- 外国人可否买landed)
-Seller bankrupt
-Buyer died before legal completion (impossibility of performance)
-act of God
-agreement
Discharged
Contract is discharged: means it’s NOT void but one doesn’t need it anymore
Terms of Contract
__: major term in the contract. Party may rescind the contract or claim for damage if breached.
__: minor term in the contract. Party may claim for damage if breached.
Condition;
Warranty
All terms and conditions that comes with a purchase must be given ONSET, meaning what?
Customers must agree to all terms and conditions BEFORE making the payment.
4 types of breaches of contract:
1. Anticipatory: anticipate the breach before it happens (i.e. telling the guy you’ll breach the contract)
2. Actual: anticipatory becomes real
3. Minor: Breach of the __ of the contract
4. Material: Breach of the __ of the contract
Warranty;
Condition
Damages for breach of contract
1. Damages
-liquidated damages (pre-agreed $)
-Unliquidated damages (NOT pre-agreed, COURT decide = Restitution. Court will NOT award punitive damages)
2. Specific performance (NOT apply on service contract)
3. Injunction (NOT apply on service contract) —> Caveat is a form of injunction: Buyer lodge a caveat to prevent Sellers from committing a breach.
Restitution 歸還
Punitive damages 懲罰性賠償
Injunction 禁令
Contract ONLY forms if there’s OACI, which are?
Offer
Acceptance
Consideration
Intention to form legal contract
Lease/Tenancy Created with these conditions:
1. __ possession
2. intention of parties
3. definite term
4. owner’s interest is __.
exclusive possession;
reversion
Lease in equity or legal lease >7 years can be registered with __.
SLA
Types of lease:
Fixed term
__ at will
Periodic
Tenancy at sufferance= holdover tenant
tenancy
habendum
權利範圍, lease commence term and date
reddendum
租約條款, 應付租金, anything concerning rent and $
Lease under equity is express law or implied law?
implied law
Agent is representing the client or representing the EA.
Independent contractor is doing work for who?
himself
Agent agreement formed “by Ratification”
-Agent is NOT FORMALLY APPOINTED and NO express authority was given by the principal.
-Pincipal DID NOT STOP the agent in carrying out tasks such as viewing, negotiation etc. -》 __ authority is assumed to be given to the agent.
-Agent’s appointment/authority is subsequently ratified by the principal.
Ratification is a formal confirmation;
Implied
Agent agreement formed “by Estoppel”
-Agent is NOT APPOINTED and NO express authority was given by the principal.
-Principal 让第三方以为中介代表他
-对第三方来说，中介apparently is authorised by the principal，虽然没有正式的给他authority -》this agent has __ authority to act
Estoppel =不可出尔反尔
Apparent
Plaintiff is who?
Defendant is who?
Plantiff is the person who sues.
Defendant is the person being sued.
In order for the plaintiff to sue defendant on tort of negligence, plaintiff must prove:
1. Defendant owes Plaintiff a “__ of __”
2. He has breached this “__ of __”
3. Plaintiff has suffered “damages”
4. This damage or loss is not too remote (i.e. heart broken, headache) “BUT-FOR TEST”
duty of care
Duty of Care vs. Fiduciary Duty vs. Warranty of Authority
-Duty of Care: have to exercise care when you perform your duty
-Fiduciary Duty: acting the BEST INTEREST for the person
-Warranty of Authority: You need to get the person’s consent before you act upon it
- What duty do you owe to your client?
- What duty do you owe to 3rd party?
- Both Duty of Care and Fiduciary Duty
- Only Duty of Care
Standard of Care is based on which test standard?
Reasonable-Man-Test
What type of people requires HIGHER Standard of Care?
Handicap, illiterate, vulnerable
Tort of defective or dangerous premises- The law requires the building owner to make sure that the building is well maintained such that it doesn’t cause any injuries for people using the building
__ Agency: 3rd party doesn’t know that this person he’s dealing with is the agent, he thought this person is the final person (buyer/tenant)
Undisclosed Agency
