Chapter 10

• How many general classes are there of contracts and what are they?

  There are two classes one is formal which is uncommon and the other is informal which is the common.
• Its a document signed under seal which a person appints another as their attorney to carry out contractual acts specified in the document.

  Power of attorney
• Electronic signature is valid form of signature to form a contract.
• collecteral promise in writing to answer or debt of another if the debtor should fail to pay the payment

  Guarantee
• Set of beliefs that allows courts to enforce an unwritten contract concerning land where certain conditions have been met.

  Part performance
• A rule that prevents a party from introducing evidence that would add up or deny the terms in the contract.

  Parol evidence rule
• wha are the three exeptions to the parol evidence rule?


  Condition precedent, implied term and collateral agreement
• What is a condition that must be satisfied before a contract may come into effect?

  Condition precedent
• Implied term: insertion by the court of a standard or customary term excluded by the parties when the contract was prepared.
• Collateral agreement: agreement that has its own consideration, but supports another agreement.
• Subsequent agreement: agreement made after a written agreement that alters or cancels the written agreement