Law of Contract an der International Islamic University

Karteikarten und Zusammenfassungen für Law of Contract an der International Islamic University

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Lerne jetzt mit Karteikarten und Zusammenfassungen für den Kurs Law of Contract an der International Islamic University.

Beispielhafte Karteikarten für Law of Contract an der International Islamic University auf StudySmarter:

What is a contract?

Beispielhafte Karteikarten für Law of Contract an der International Islamic University auf StudySmarter:

What form can a contract make?

Beispielhafte Karteikarten für Law of Contract an der International Islamic University auf StudySmarter:

What is the legal definition of a contract acc. to Contract Act 1950?

Beispielhafte Karteikarten für Law of Contract an der International Islamic University auf StudySmarter:

What is freedom of contract?

Beispielhafte Karteikarten für Law of Contract an der International Islamic University auf StudySmarter:

What are the elements of contract?

Beispielhafte Karteikarten für Law of Contract an der International Islamic University auf StudySmarter:

What is unilateral and bilateral contract?

Beispielhafte Karteikarten für Law of Contract an der International Islamic University auf StudySmarter:

Unilateral vs Bilateral contract

Beispielhafte Karteikarten für Law of Contract an der International Islamic University auf StudySmarter:

What is promisor and promisee?

Beispielhafte Karteikarten für Law of Contract an der International Islamic University auf StudySmarter:

Explain the case concerning offer

Beispielhafte Karteikarten für Law of Contract an der International Islamic University auf StudySmarter:

What is invitation to treat?

Beispielhafte Karteikarten für Law of Contract an der International Islamic University auf StudySmarter:

Offer vs Invitation to treat

Beispielhafte Karteikarten für Law of Contract an der International Islamic University auf StudySmarter:

What are the types of contract?

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Beispielhafte Karteikarten für Law of Contract an der International Islamic University auf StudySmarter:

Law of Contract

What is a contract?

- Agreement between two or more parties that is legally binding
- Agreement enforceable by law

Law of Contract

What form can a contract make?

Oral, writing, conduct or combination of all method

Law of Contract

What is the legal definition of a contract acc. to Contract Act 1950?

S 2(a): When one person signifies to another his willingness to do or to

abstain from doing anything, with a view to obtaining the assent of that

other such act or abstinence, he is said to make a proposal
S 10(1):  All agreements are contracts if they are made by the free consent of

parties competent to contract, for a lawful consideration and with a

lawful object, and are not hereby expressly declared to be void

Law of Contract

What is freedom of contract?

- Everyone is free to enter into any contract

- No pressure
- Free to decide the terms of the contract

Law of Contract

What are the elements of contract?

  • Offer**
  • Acceptance**
  • Consideration**
  • Intention to create legal relation
  • Agreement
  • Capacity
  • Freedom
  • Certainty of contract

Law of Contract

What is unilateral and bilateral contract?

  • Bilateral contracts are those involving promises made by all parties (2 or more), whereas unilateral contracts involve promises made by only one of the parties.
  • Bilateral: promising a certain action to another person or party in response to that person or party's action. Unilateral:  You're the only person who has taken any action in this contract, as no one is specifically responsible or obligated to accept your offer.
  • Bilateral: make a purchase at your favorite store, order a meal at a restaurant, receive treatment from your doctor or checkout a book at your library.
    Unilateral: reward contract, insurance contracts (, the insurance company will not compensate every time you pay for the insurance unless you have an accident.

Law of Contract

Unilateral vs Bilateral contract

Similarities: 

  • Both can be breached.
    Unilateral: you offer $100 for the return of your dog, but then refuse to pay because you think the person who brought the dog back stole him.
    Bilateral: a coworker refuses to complete his or her portion of a job; when an employee does something prohibited by his or her job contract.
    In court, prove that: 
  • The contract existed.
  • The contract was broken.
  • You suffered a loss.
  • The person you're challenging was responsible.

    Differences: 
  • number of people or parties promising an action
  • what's being offered. (In unilateral contracts, one offering the deal promises to pay when a certain act or task is complete, but bilateral contracts allow for an upfront exchange.)

Law of Contract

What is promisor and promisee?

Promisor: A person who make an offer

Promisee: Party accepting the proposal 

Law of Contract

Explain the case concerning offer

Facts: 

  • Harvey was interested in buying a property owned by Facey. He sent Facey a telegram stating “Will you sell us Bumper Hall Pen? Telegraph lowest cash price – answer paid.”
  • Facey responded stating “Bumper Hall Pen £900”
  • Harvey responded stating that he would accept £900 and asking Facey to send the title deeds.
  • Facey then stated he did not want to sell.
  • Harvey sued, stating that the telegram was an offer and he had accepted, therefore there was a binding contract.

Issue: 

Was the telegram advising of the £900 lowest price an offer capable of acceptance?


Judgment:

  • The House of Lords held that the telegram was an invitation to treat, not a valid offer. Therefore no valid contract existed.
  • The telegram only advised of the price, it did not explain other terms or information and therefore could not create any legal obligation.
  • Harvey’s telegram “accepting” the £900 was instead an offer which Facey could either accept or reject. He rejected it so there was no contract created.

 

Law of Contract

What is invitation to treat?

An invitation to treat is a mere declaration of willingness to enter into negotiations; it is not an offer, and cannot be accepted so as to form a binding contract.

Law of Contract

Offer vs Invitation to treat

Offer: offer is a definite promise to be bound on specific terms. It is offer as it requires action/abstaining from the other party. 


Inv. to treat: an indication that someone is prepared to receive offers with the view of forming a binding contract. inviting people into making an offer. It is not offer since it requires intention from the other party.

  •  E.g. An advertisement or a promotion, display of goods, tenders and auctions 
  • an attempt to induce offers, Only when the customer indicates that they will pay for the goods at the advertised price has an offer been made. When goods are displayed in a store this constitutes an invitation to customers to make offers to purchase the items.

Law of Contract

What are the types of contract?

General offer: Offer is general as it is made into public (Carlill v Carbolic Smokeball Co.)

Specific offer: The offer can only be accepted by a person who has been offered (Boulton v Jones) 

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