revision

• What is a contract?

  An agreement which parties choose to enter
• What is a key characteristic of a contract?

  Both sides give some benefit to the other
• What is required for a contract to be formed?

  Offer + Acceptance = Agreement
• How can an offer be made?

  In writing, orally, or by conduct
• To whom can an offer be made?

  Individuals, groups, or anyone willing to accept
• When is an offer not considered an offer?

  When essential terms are too vague or it's an invitation to treat
• What is an example of an invitation to treat?

  Adverts for auctions and invitations to bid
• What is a unilateral contract?

  Only one party makes a promise
• When can offers be revoked?

  Any time before acceptance
• How is revocation effective?

  Only when received by the offeree
• What happens if an offeree makes a counter offer?

  It terminates the original offer
• What is acceptance in contract law?

  An unqualified expression of assent to an offer
• How must acceptance be communicated?

  It must be communicated to the offeror
• When is acceptance communicated by post?

  When the letter of acceptance is posted
• What is the 'cooling off' period in consumer contracts?

  A 7-day period to cancel the contract
• What is the objective test for intention to create legal relations?

  Would reasonable people regard it as binding?
• What is the presumption in social and domestic agreements?

  Parties did not intend to create legal relations
• How can the presumption in family arrangements be rebutted?

  If the husband and wife are separated
• What is consideration in contract law?

  Giving a benefit or suffering a loss/detriment
• What is 'past' consideration?

  Consideration that has already been given
• What is sufficient consideration?

  Some recognisable economic value
• What happens if a promise exceeds the duty already owed?

  It is good consideration for extra payment
• What is the rule regarding part payment of debts?

  It cannot satisfy the whole debt
• What is promissory estoppel?

  Waiving contractual rights relied upon by the promissee
• What defines the terms of a contract?

  The obligations and promises contained in the contract
• What are express terms?

  Terms stated in words and agreed by parties
• How do courts determine if a statement is a term?

  By the apparent intentions of the parties
• What distinguishes a term from a representation?

  A term is part of the contract itself
• What is a sales puff?

  An exaggerated or non-factual statement
• What do courts consider regarding the parties' knowledge?

  Statements by knowledgeable parties are likely terms
• What is an example of a case regarding invitations to treat in advertisements?

  Partridge v Crittenden
• What is the difference between unilateral and bilateral contracts?

  Bilateral contracts involve promises from both parties
• Under what condition can an offer lapse due to time?

  If stipulated as open for a particular time
• What is the implication of silence in acceptance?

  Silence will not usually constitute acceptance
• What is a case related to consideration regarding existing duties?

  Stilk v Myrick
• What does the offeree do when accepting an offer?

  Agrees to the terms proposed by the offeror
• What is a term in a contract?

  A promise or undertaking part of the contract
• How are representations different from terms?

  Representations do not form part of the contract
• What are sales puffs?

  Exaggerated or non-factual statements
• How do courts determine if a statement is a term or representation?

  By examining the apparent intentions of the parties