Dispute Resolution - Flashcards Full Deck
(229 cards)
What is the first requirement for a contract?
An agreement between parties who intended to be legally bound (includes an offer and an acceptance).
What is an “offer” in contract law?
A clear proposal made by one party to another, indicating a willingness to enter into a contract on specific terms.
What is “acceptance” in contract law?
An unequivocal agreement to the terms of the offer, communicated to the offeror.
What is the second requirement for a contract?
Consideration (something of legal value exchanged between the parties).
What is “consideration”?
The value that is exchanged in a contract, which can be money, services, or a promise to do (or not do) something.
What is a requirement for executing a deed?
A deed must be executed in the presence of a witness.
How must a deed be made effective?
A deed must be delivered to be effective.
Is a promise to make a gift enforceable?
Yes, a promise to make a gift is enforceable if made by deed.
How must land be conveyed?
A conveyance of land must be by deed.
What is the limitation period for a simple contract claim?
A claim under a simple contract must be brought within 6 years.
When does the limitation period for a contract claim start?
It runs from the accrual date (when the breach occurs).
What is the limitation period for a contract by deed?
A claim under a contract by deed must be brought within 12 years.
What is the limitation period for a tort claim?
A claim under tort must be brought within 6 years from the time the action accrued.
When does the limitation period for a tort claim start if not readily apparent?
It starts 6 years from when the claimant gained knowledge of the tort.
What is the limitation period for personal injury claims?
The limitation period is 3 years from accrual or knowledge of the injury.
What if the victim of a tort dies within 3 years of accrual?
The limitation period is 3 years from the date of death or from when the deceased’s personal representative gained knowledge of the tort.
What are the key components required for a contractual agreement?
An offer and acceptance.
What must an offer express to be considered valid?
An intent to be bound in a contract if accepted by the other party.
How must the terms of an offer be for it to be enforceable?
The terms must be definite and certain enough for a court to enforce.
What must the offeree have to accept an offer?
The offeree must have knowledge of the offer.
What is not considered an offer?
A statement made to request information.
What are invitations to treat?
Words or conduct that invite another party to make an offer.
When can an offeror revoke their offer?
An offeror can revoke most offers at any time before acceptance.
When cannot an offer be revoked?
If a collateral contract exists, if it’s a unilateral contract and performance has begun, or if it’s a bilateral contract with performance begun.