ACCA F4 LAW OF CONTRACT at Sunway University College | Flashcards & Summaries

Lernmaterialien für ACCA F4 LAW OF CONTRACT an der Sunway University College

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Definition of a CONTRACT?
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Legally binding agreement between in two or more parties, with the consequence if one party breaches, the other can take a legal action for breach.
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Definition of OFFER?
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Expression of willingness to enter into a contract provided the other party agrees to the terms.
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Definition of ACCEPTANCE ?
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Unconditional consent to all the terms of the offer.
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Definition of INTENTION ?
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Intention to create legal relations means that parties to a contract must have intended that their contract will be subject to legal consequences in the event of a breach by either party.
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Definition of CONSIDERATION ?
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Parties to the contract must give each other something of value. Only the party which has provided valuable consideration will have the right bring an action. Consideration must be sufficient and not need to be adequate.
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Definition of CAPACITY ?
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Parties to the contract must be above the age of 18 ( below 18 deemed void ), must be sound mind, not under influence of alcohol or drugs.
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Definition of LEGALITY ?
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The whole transaction of the contract must be legal in the eyes of the law.
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Definition of FREE CONSENT ?
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Both parties willing to enter into contract. If the element of coercion, undue influence, misrepresentation exist; it is no free consent.
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Definition of FORM ?
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Can be done orally, writing. However if law required the contract to be in writing, in that case that form must be complied. E.g: Sale of a land.
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What does it means by BILATERAL CONTRACT ?
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(Specific person) ; there is a need to communicate acceptance.
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What does it means by UNILATERAL CONTRACT ?
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(General offer); there is no need to communicate acceptance. Acceptance takes place by conduct - performance of the act.
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What does it mean by INVITATION TO TREAT ?
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Invitation to other party to enter into negotiations. It is a step prior to the entering of contract where one party seeks to ascertain whether the other is willing to enter into a contractual relationship.
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Beispielhafte Karteikarten für deinen ACCA F4 LAW OF CONTRACT Kurs an der Sunway University College - von Kommilitonen auf StudySmarter erstellt!

Q:
Definition of a CONTRACT?
A:
Legally binding agreement between in two or more parties, with the consequence if one party breaches, the other can take a legal action for breach.
Q:
Definition of OFFER?
A:
Expression of willingness to enter into a contract provided the other party agrees to the terms.
Q:
Definition of ACCEPTANCE ?
A:
Unconditional consent to all the terms of the offer.
Q:
Definition of INTENTION ?
A:
Intention to create legal relations means that parties to a contract must have intended that their contract will be subject to legal consequences in the event of a breach by either party.
Q:
Definition of CONSIDERATION ?
A:
Parties to the contract must give each other something of value. Only the party which has provided valuable consideration will have the right bring an action. Consideration must be sufficient and not need to be adequate.
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Q:
Definition of CAPACITY ?
A:
Parties to the contract must be above the age of 18 ( below 18 deemed void ), must be sound mind, not under influence of alcohol or drugs.
Q:
Definition of LEGALITY ?
A:
The whole transaction of the contract must be legal in the eyes of the law.
Q:
Definition of FREE CONSENT ?
A:
Both parties willing to enter into contract. If the element of coercion, undue influence, misrepresentation exist; it is no free consent.
Q:
Definition of FORM ?
A:
Can be done orally, writing. However if law required the contract to be in writing, in that case that form must be complied. E.g: Sale of a land.
Q:
What does it means by BILATERAL CONTRACT ?
A:
(Specific person) ; there is a need to communicate acceptance.
Q:
What does it means by UNILATERAL CONTRACT ?
A:
(General offer); there is no need to communicate acceptance. Acceptance takes place by conduct - performance of the act.
Q:
What does it mean by INVITATION TO TREAT ?
A:
Invitation to other party to enter into negotiations. It is a step prior to the entering of contract where one party seeks to ascertain whether the other is willing to enter into a contractual relationship.
ACCA F4 LAW OF CONTRACT

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