CONTRACTS Exam Notes Essay

Submitted By brianna12345678910
Words: 8301
Pages: 34
Open Document
PRINCIPLES OF CONTRACTUAL LIABILITY LAWS11-212 NOTES

DEFINITIONS:
Estoppel: Prevents promissors reneging in their promises where it would be unconscionable for them to do so,
Waiver: Strict performance, can still be technically demanded, but won’t be insisted on.
Privity: Only a party original to contract may sue.
Unilateral contract: reward type contracts – obligation one sided
Collateral contract: statements that are intended to have some contractual significance but are not included as terms. Without it contract would not have come into effect. Can be enforceable as a contract in its own right.
Merger clause: statements that say ‘this is the complete contract and no oral statements count.’

CONTRACT FORMATION
Background/Context
Contract law comes from principles extracted from cases. Though increasing influence of statutes. Part of civil law (private law). Though no clear lines, e.g. quasi-contractual or restitution.
What is contract?
Essential elements: FORMATION OF CONTRACT
(1) two or more parties with legal capacity
(2) objective agreement between the two parties (offer and acceptance)
(3) sufficient certainty
(4) consideration OR deed OR estoppel
(5) comply with formalities if required
(6) no vitiating factors, such as fraud and duress.
The Offer
A manifestation or expression by one party (offeror) to the other (offeree)
Offeror willingness to be bound by certain terms.
If the Offeree is prepared to accept those terms.
Offeror can dictate terms – offeree can (1) reject offer (2) make a counter offer (3) ask for clarification (4) do nothing until offer terminates.
Hyde v Wrench (1840) 49 ER 132 counter offer terminates the original offer
W offers to sell his farm for 1000 pounds, H replied to offer 950 pounds. H then said he would pay 1000 pounds. W did not reply and H sued. Held no contract.
Butler v Ex-Cell-O Corp acceptance on different terms amounts to a rejection of offer and a counter action – no agreement yet
B (seller) quotes for machine with terms on back of quote (terms say price to be settled at time of delivery). E places an order on terms below – for fixed price and has tear-off slip for acknowledgement of receipt.
B fills it in and sends it to E with covering note saying ‘in accordance with our revised quotation.’
On appeal, court held E wins (1) revised quotation only affected price/delivery for fixed not floating price.
Smith v Hughes (1871) 6 QG 597 “If, whatever a man’s real intention may be, he so conducts himself that a reasonable man would believe that he was assenting to the terms proposed by the other party…then he is bound.”
Carlill v Carbolic Smoke Ball Co: CSB advertised it’s smoke ball by saying there was 100 pound reward if ‘you get flu or cold after using our product as per instructions for 2 weeks’
Went to say 1000 pounds deposited with bank to show genuine offer.
C sued for the reward. CSB argued that (1) cannot have an offer to the whole world (2) no notification of acceptance (3) no intention to be bound (4) too uncertain.
Effect of offer and acceptance – artificial model – does 4 things
(1) Settles the fact of agreement – is there a legally binding agreement
(2) Settles the content of the agreement – the express terms
(3) Settles time of agreement – no further unilateral change
(4) Settles place of agreement – where acceptance is notified to offeror
Domestic contracts/international contracts
Domestic contracts have common law supplemented by statute. International contracts have rules of private international law. Multilateral treaty such as United Nations Convention on the International Sale of Goods
Invitations to treat/negotiate – advertisements, marked prices on shelves and shop windows.
Pharmaceutical Society of Great Britain v Boots Cash Chemist [1953] 1 QB 401 – sale to be effected under supervision of registered pharmacist. Periodicals and catalogues covered in Partridge v Crittendon [1968] 2 All ER 421 where P was charged with offering for sale a rare bird against the
Show More

Related Documents: CONTRACTS Exam Notes Essay

Outline: Law and Lecture Essay

institutions in the Australian legal system, the jurisdiction of the major courts and tribunals in Western Australia, the sources (statute and case law) and processes of law, the tort of Negligence, the nature of business organisations, the Law of Contract, and an introduction to consumer legislation. LEARNING OUTCOMES: The primary aims of the unit are to introduce students to the legal and business framework within which financial and associated decisions are made, and to foster an awareness and…

Words 2818 - Pages 12

Soc 1001 Section 1

appreciate the distinctiveness of one's roles and experiences, take their effects into account, and consider one's social arrangements that one has not directly encountered. COURSE REQUIREMENTS You will be required to take two one-hour exams and a two-hour final exam (each worth 25% of your course grade). You are required to complete the plagiarism module on HuskyCT by noon, September 13. You may retake it once if you are not satisfied with your score. You must do this module for this course even…

Words 2659 - Pages 11

ACCT252 14S2c Essay

ACCT 252 S2 College of Business and Law COURSE OUTLINE Law of Business Contracts Semester 2 Department of Accounting & Information Systems Course Supervisor: Associate Professor Maree Chetwin Email: maree.chetwin@canterbury.ac.nz 14 ACCT252-14 S2 Course Outline PLEASE NOTE It is the student’s responsibility to retain all course outlines for any future assessment by professional bodies or other institutions 2 ACCT252-14 S2 1. Course Outline 3 COURSE OBJECTIVES If a person has agreed…

Words 2098 - Pages 9

Introduction To Interiors

home through reading, discussion, visual presentation, site visits, and be responding in the design notebook assignments. Course evaluation Points are accumulated through the following work: Chapter Quizzes 60 pts. In-Class Exercises 45 pts. Exams 200 pts. Design Notebook Entries 135 pts. Theory Paper 30 pts. Total 470 points To arrive at a final grade, the following system will be used. The grades for all assignments and the semester grade will be based…

Words 1986 - Pages 8

Essay on Prahinski Exam 3 Study Outline Spring

Procurement and Supply Management, SCM 371 Dr. Prahinski Exam III– Material Outline 1. Strategic Cost Management a. Develop accurate price and cost information PRICE Compare price against external benchmarks Information Sources: Published price lists Quotes Competitive bidding Negotiations Other buyers Trade journals i. Market-based and cost-based pricing – know definitions, information sources, and be able to list a few specifics Market-based pricing Cost-based pricing (Price) Quantity discounts…

Words 3986 - Pages 16

Airplane Contract Essay examples

Exam ID: E24526818 (Chaim Dienstag) Commercial Drafting Stock Purchase Agreement Professor Alan Shaw Stock Purchase Agreement Stock Purchase Agreement, dated December 6, 2011, between Supersonic Business Ventures, Inc., a Delaware corporation, (“SBV”), Delilah Wings Corp., a Delaware corporation, (“DWC”) and Sam Samson (“Samson”), (collectively the “Sellers”), and Fly-by-Night Aviation, Inc., a New York corporation (“Aviation”). Recitals: (A) After the Closing, Aviation intends to enter…

Words 15119 - Pages 61

Essay on First Midterm

SOLUTIONS Introductory Financial Accounting Midterm Exam Professor Yanfeng Xue Note: 1. You have 90 minutes to finish this exam. The total score for this exam is 100 points. Please use your time wisely. 2. Please show your work because I do give partial credit. 3. If you cannot remember the name of a particular account, do your best at guessing and at least indicate the type of the account (asset, retained earnings, etc.) 4. Good luck!…

Words 1606 - Pages 7

Google: Time Value of Money and Present Value Essay

ACCT 2102 Exam 1 “Bright and Early” Saturday Morning, February 9, 2013 Exam begins: 10:00 Exam ends: 12:00 BRING: Picture ID Extra Scantron answersheets SIMPLE CALCULATOR (only) Number 2 pencils 5:30 Class—Where to Meet: Last Names (alphabetically) ROOM (GENERAL CLASSROOM BUILDING) Abate thru Johnson 700 GCB Jones thru Rhone 300 GCB Richard thru Underwood 201 GCB Vanderkleed thru Young 203 GCB Acct 2102 Midterm 1…

Words 657 - Pages 3

Final Exam Questions: Core Economics For MS Students

SCHOOL OF BUSINESS ADMINISTRATION GBA 461 Fall 2012 Core Economics for MS Students Professor Andras Miklos E-Mail Address: andras.miklos@simon.rochester.edu Final Exam Questions Name: _______________________________________________________________ The exam contains 8 questions. The total number of points is 160. Note that not all questions are weighted equally and allocate your time accordingly. Good luck! Duration: 120 minutes 1. (20 points) Suppose all individual firms in a competitive…

Words 566 - Pages 3

Report: Oakwood High School's Vacancies Service

Vacancy details | Prospects at The University of Sheffield myVacancies service 30/11/14 9:00 pm Vacancy details SHE141121/469 Oakwood High School Exam Invigilator Closing date 05/12/2014 Salary range Paid Additional salary info £9.07 per hour Job description We are looking for invigilators to work with our exams team to ensure the smooth running of examinations. Invigilators are required at regular intervals throughout the school year. Person requirements Applicants must be able to work as…

Words 292 - Pages 2