Contract Law: Definitions and Elements, Quizzes of Business and Labour Law

Download Contract Law: Definitions and Elements and more Quizzes Business and Labour Law in PDF only on Docsity! TERM 1 Contract DEFINITION 1 Legally binding agreement. Promise or a set of promises for the breach of which the law gives a remedy. Source is in common law burden of proof - clear and convincing evidence enforceable not because of form but because they represent an agreement TERM 2 What does a contract create? DEFINITION 2 Enforceable duties and obligations TERM 3 6 elements of a valid contract DEFINITION 3 Agreement Between competent parties Based on genuine or mutual ascent For a legal purpose Supported by consideration In Proper form TERM 4 What is Privity of Contract? DEFINITION 4 Privity is succession or chain of relationship to same thing or right Relationship between promisor and promisee TERM 5 Formal Contract DEFINITION 5 A formal contract is a contract where the parties have signed under seal, while an informal contract is one not under seal. TERM 6 Informal Contracts DEFINITION 6 Contracts other than formal without regard wether they are oral or written TERM 7 Contracts are classified in various ways DEFINITION 7 By form by enforcement by degree of performance how offer ic accepted TERM 8 Do all contracts need to be formal? DEFINITION 8 No TERM 9 Expressed Contracts DEFINITION 9 All terms are stated, nothing left open TERM 10 Implied Contracts DEFINITION 10 Implied in fact, based on actions of the parties