LAW P3 CONTRACT (Q9 theory) Flashcards
(13 cards)
What is the first point for the contract Q9 theory para?
(Contract law is fundamentally)
Contract law is fundamentally based on the principle of freedom of contract, which allows parties to negotiate and enter agreements on their own terms.
What is the second point for the contract Q9 theory para?
(This concept reflects)
This concept reflects individual autonomy and promotes economic efficiency by enabling parties to pursue their own interests.
What is the third point for the contract Q9 theory para?
(However, this freedom is limited)
However, this freedom is limited by the need to protect consumers from unfair or exploitative terms, leading to statutory interventions like the Consumer Rights Act 2015.
What is the fourth point for the contract Q9 theory para?
(Offers and acceptances)
Offers and acceptances form the foundation of contractual agreements, with distinctions between bilateral contracts, where mutual promises are exchanged, and unilateral contracts, where an act is performed in response to an offer.
What is the fifth point for the contract Q9 theory para?
(The postal rule established in)
The postal rule, established in Adams v Lindsell (1818), creates certainty in contract formation by deeming acceptance effective upon posting, though modern electronic communications often raise questions of instantaneous acceptance.
What is the sixth point for the contract Q9 theory para?
(Consideration , the requirement)
Consideration, the requirement of a reciprocal exchange of value, ensures that agreements are legally enforceable.
What is the seventh point for the contract Q9 theory para?
(However, the principle can be challenged)
However, the principle can be challenged by concepts like economic duress, where one party’s consent is coerced, undermining genuine agreement.
What is the eigth point for the contract Q9 theory para?
(Additionally, the doctime of privity)
additionally, the doctrine of privity limits enforcement to contract parties, though exceptions exist under statutes like the Contracts (Rights of Third Parties) Act 1999.
What is the ninth point for the contract Q9 theory para?
(Exemption clauses, often used)
Exemption clauses, often used by businesses to limit liability, are scrutinized under the Unfair Contract Terms Act 1977 and the Consumer Rights Act 2015 to ensure fairness and transparency.
What is the tenth point for the contract Q9 theory para?
(Consumer protection is further reinforced)
Consumer protection is further reinforced through effective remedies, including the right to repair, replacement, or refund in cases of defective goods or substandard services.
What is the eleventh point for the contract Q9 theory para?
(Courts may also award damages)
Courts may also award damages to restore the injured party to their original position. While freedom of contract remains a key principle, the increasing focus on fairness and consumer protection demonstrates a recognition that parties often have unequal bargaining power.
What is the twelvth point for the contract Q9 theory para?
(This balanced approach ensures)
This balanced approach ensures that contract law remains both fair and functional in regulating modern commercial relationships.
What are all 12 points for the contract theory q9 para?
- Contract law is fundamentally based on
- This concept reflects individual
- However, this freedom is limited
- Offers and acceptances form the foundation
- The postal rule, established in
- Consideration, the requirement of
- However, the principle can be challenged by
- Additionally, the doctrine of privity limits
- Exemption clauses, often used by
- Consumer protection is further reinforced
- Courts may also award damages
- This balanced approach ensures
