MER102 at University Of The Western Cape | Flashcards & Summaries

Lernmaterialien für MER102 an der University of the Western Cape

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TESTE DEIN WISSEN
What is serious intention to contact?
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TESTE DEIN WISSEN
  • Parties must intend that the agreement they they reach us binding and can be enforced. 
  • When negotiations break down, some terms have been agreed upon but not all the terms have been finalised.
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TESTE DEIN WISSEN
Imposed terms? 
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TESTE DEIN WISSEN
  • There is a specific legislation that requires specific contracts to include particular terms
  • Parties themselves can also include imposed terms. The most common one is exclusion clause as it can prevent a customer from suing the other party. 
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TESTE DEIN WISSEN
Writing:
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TESTE DEIN WISSEN
  • Refers to any visible form of writing 
  • "in writing" means the essential terms of the contract must be in writing 
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TESTE DEIN WISSEN
Intoxication and capacity? 
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TESTE DEIN WISSEN
  • The contract will be void 
  • As the person did not understand the terms of the contract so could not reach consensus or 
  • Did not even know they were entering into a contract 
  • If the person cannot prove that he/she was intoxicated at the time of the conclusion of the contract, 
  • The contract remains valid and enforceable 

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TESTE DEIN WISSEN
What are the observations on consensus?
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TESTE DEIN WISSEN
1. Serious intention to contract 
2. Offer 
3. Acceptance
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TESTE DEIN WISSEN
What offer ends because... 
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TESTE DEIN WISSEN
  • When there is a rejection by the offeree. 
  • On death of either the offeror or offeree. 
  • When the set deadline expires 
  • After a reasonable time. 
  • Counteroffer
  • Revocation (withdrawal - change of mind) 
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TESTE DEIN WISSEN
How do parties reach consensus?
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TESTE DEIN WISSEN
  • Negotiate: face-to-face or using letters, faxes, emails or the telephone. 
  • Aim of negotiating is that an offer is made, which offer is accepted. 
  • Therefore, th parties have reached consensus and there is a valid contract.
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TESTE DEIN WISSEN
What are the 6 requirements for a contract? 
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TESTE DEIN WISSEN
1. The parties must reach agreement (consensus). 
2. The parties must have contractual capacity. 
3. If there are any formalities such as writing and signature, they must be complied with. 
4. The terms must be certain. 
5. The performance must be possible. 
6. The contract must be legal. 

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TESTE DEIN WISSEN
What is an offer?
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TESTE DEIN WISSEN
  • An offer is made by the offeror and is a statement stating the terms on which the offeror is willing to do business. 
  • The offeror will he bound to the contract if it is accepted by the offeree
  • Offer must be communicated to offeree.
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TESTE DEIN WISSEN
What is a Reception theory? 
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TESTE DEIN WISSEN
Acceptance by email and fax
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TESTE DEIN WISSEN
What is not considered an offer?
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TESTE DEIN WISSEN
  • Pamphlets 
  • Price list 
  • Advertisements
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TESTE DEIN WISSEN
Insolvency and capacity? 
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TESTE DEIN WISSEN
  • Of a person is declared insolvent - his whole estate vests in the appointed trustee. He loses ownership of his estate. 
  • Insolvent maintains his contractual capacity to subject to certain limitations. 
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Q:
What is serious intention to contact?
A:
  • Parties must intend that the agreement they they reach us binding and can be enforced. 
  • When negotiations break down, some terms have been agreed upon but not all the terms have been finalised.
Q:
Imposed terms? 
A:
  • There is a specific legislation that requires specific contracts to include particular terms
  • Parties themselves can also include imposed terms. The most common one is exclusion clause as it can prevent a customer from suing the other party. 
Q:
Writing:
A:
  • Refers to any visible form of writing 
  • "in writing" means the essential terms of the contract must be in writing 
Q:
Intoxication and capacity? 
A:
  • The contract will be void 
  • As the person did not understand the terms of the contract so could not reach consensus or 
  • Did not even know they were entering into a contract 
  • If the person cannot prove that he/she was intoxicated at the time of the conclusion of the contract, 
  • The contract remains valid and enforceable 

Q:
What are the observations on consensus?
A:
1. Serious intention to contract 
2. Offer 
3. Acceptance
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Q:
What offer ends because... 
A:
  • When there is a rejection by the offeree. 
  • On death of either the offeror or offeree. 
  • When the set deadline expires 
  • After a reasonable time. 
  • Counteroffer
  • Revocation (withdrawal - change of mind) 
Q:
How do parties reach consensus?
A:
  • Negotiate: face-to-face or using letters, faxes, emails or the telephone. 
  • Aim of negotiating is that an offer is made, which offer is accepted. 
  • Therefore, th parties have reached consensus and there is a valid contract.
Q:
What are the 6 requirements for a contract? 
A:
1. The parties must reach agreement (consensus). 
2. The parties must have contractual capacity. 
3. If there are any formalities such as writing and signature, they must be complied with. 
4. The terms must be certain. 
5. The performance must be possible. 
6. The contract must be legal. 

Q:
What is an offer?
A:
  • An offer is made by the offeror and is a statement stating the terms on which the offeror is willing to do business. 
  • The offeror will he bound to the contract if it is accepted by the offeree
  • Offer must be communicated to offeree.
Q:
What is a Reception theory? 
A:
Acceptance by email and fax
Q:
What is not considered an offer?
A:
  • Pamphlets 
  • Price list 
  • Advertisements
Q:
Insolvency and capacity? 
A:
  • Of a person is declared insolvent - his whole estate vests in the appointed trustee. He loses ownership of his estate. 
  • Insolvent maintains his contractual capacity to subject to certain limitations. 
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