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Contract Law
Key terms and definitions
35
Law
Undergraduate 4
05/15/2013

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Term
Unilateral contract
Definition
A contract in which only one party undertakes any obligation
Term
Condition
Definition
A key term in a contract. If breached, the injured party can repudiate the contract
Term
Consideration
Definition
An act or promise of forbearance which 'buys' the promise of the other party. It renders a promise enforceable in law
Term
Warranty
Definition
A less important term in a contract. If breached, the injured party may sue for damages but is not entitled to repudiate the contract
Term
Bilateral contract
Definition
A contract in which each party undertakes an obligation
Term
Term
Definition
A promise or undertaking which becomes partof the contract itself
Term
Repudiation
Definition
Rejection of the continued existance of a contract
Term
Mitigation of loss
Definition
A duty to keep one's losses to a minimum
Term
Actionable misrepresentation
Definition
A statement of material fact made prior to the contract by one party to the contract to the other which is false or misleading and which induced the other party to enter into the contract
Term
Revocation
Definition
The rescinding,annulling or withdrawal of an offer
Term
Vicarious liability
Definition
Refers to a situation where someone is held responsible for the actions or omissions of another person. In a workplace context, an employer can be liable for the acts or omissions of its employees, provided it can be shown that they took place in the course of their employment.
Term
Offeree
Definition
The party to whom an offer is addressed
Term
Mirror image rule
Definition
The principle that a valid acceptance must correspond exactly with the terms of the offer is sometimes referred to as the 'mirror...'
Term
Representation
Definition
A statement which induces a party to enter into a contract (but does not form part of it)
Term
Negligence
Definition
A civil tort that occurs when a person breaches their duty of care owed to another and as a result, that person suffers an injury or a loss
Term
Void contract
Definition
A contract which is treated as though it never existed so that it may be enforced by neither party
Term
Damages
Definition
A financial remedy that aims to compensate the injured party for the consequences of the breach of contract
Term
Innominate term
Definition
Term where the court looks at the effects of the breach on the injured party to determine whether the breach itself was of a condition or a warranty
Term
Battle of the forms
Definition
The situation that arises where one or both parties attempt to rely on their standard terms is often referred to as the 'the battle of...'
Term
Sale of Goods Act 1979, Section 57(2)
Definition
A sale by auction is complete when the auctioneer announces its completion by the fall of the hammer, or in other customary manner; and until the announcement is made, any bidder may retract their bid.
Term
Breach of contract
Definition
Committed when a party without lawful excuse fails or refuses to perform what is due from them under the contract, or performs defectively or incapacitates themselves from performing.
Term
Quantum meruit
Definition
'As much as deserved'. If a price has not been specified in a contract but work has been done or goods supplied under it, a quantum meruit action allows a claim for a reasonable price for the performance rendered.
Term
Acceptance
Definition
Final and unqualified expression of assent to the terms of an offer.
Term
Offer
Definition
An expression of willingness to contract on specified terms, made with the intention that it is to become binding as soon as it is accepted by the person to whom it is addressed
Term
Specific performance
Definition
An equitable remedy that compels the party in breach to perform their part of the contract
Term
Unilateral offer
Definition
An offer where one party promises to pay the other a sum of money(or to do some other act)if the other will do something(or forbear from doing so)without making any promise to that effect
Term
Sale of Goods Act 1979, S.6
Definition
Where there is a contract for the sale of specific goods, and the goods without the knowledge of the seller have perished at the time when the contract is made, the contract is void.
Term
Voidable contract
Definition
A contract in which the injured party can choose whether or not to be bound by it
Term
Invitation to treat
Definition
A preliminary statement expressing a willingness to receive offers
Term
Puff
Definition
A boastful statement made in advertising
Term
Offeror
Definition
The party who makes an offer
Term
The Supply of Goods and Services Act 1982 S. 13
Definition
When work is carried out by a trader (In the course of business)you should expect it to be done with reasonable care and skill, in a reasonable time, and for a reasonable charge.
Term
Supply of Goods and Services Act (1982)
Definition
Where goods are supplied in addition to services, eg the installing of a new boiler, or the fitting of new engine parts in a car, the goods are covered by which statute?
Term
Section 12 of the Supply of Goods and Services Act 1982
Definition
Defines contracts for the supply of services. It excludes contracts of apprenticeships, but includes any agreement for the supply of services irrespective of whether goods are also supplied. There is no requirement for money consideration.Which means both batter trade or money consideration will suffice.
Term
The Sale of Goods Act 1979, as ammended, provides for consummers' rights against retailers and not manufacturers
Definition
The law says the goods must:-
-fit any description given
-be of satisfactory quality
-be fit for their purpose
-match any sample you were shown
-come with adequate installation or self-assembly instructions (if needed)
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