BESY: CONTRACT LAW

What is a contract?

• A legally binding offer

• Acceptance of an offer

• A legally binding agreement enforceable in a court of law

• An invitation to treat which has been accepted

Which elements are necessary to form a valid contract?

• offer

  acceptance

  capacity

  legality

• offer

  acceptance

  consideration

  capacity

  legality

• offer

  acceptance

  consideration

• invitation to treat

  offer

  acceptance

What is an offer?

• a promise to be bound by the offeree

• a definite promise to be bound on specific terms made by the offeror to the offeree

• a promise to be bound without terms by the offeror

• a definite promise to be bound on specific terms made by the offeree to the offeror

Which one is not an invitation to treat?

• Shop window display

• Goods on shop shelves

• Most adverts

• Goods on warehouse shelves

What form can acceptance take?

• only in writing

• orally or in writing

• in writing or by conduct (actions)

• oral, in writing or by conduct

What is consideration?

• usually a monetary value for providing goods or services

• An accepted offer

• An invitation to treat which has generated an offer

• An offer waiting to be accepted

What must consideration be?

• Realistic

• of adequate value in relation to the goods/services

• sufficient

• only money

Which is not a breach of contract?

• no performance of the contract on the part of one party

• inadequate performance

  of the contract

• one party declares that there will no performance before the due date

• the contract is performed in full to the required standard

Damages are a common law remedy - what is the purpose of damages?

• to make sure that both parties are happy

• to compensate the injured party for losses

• to ensure that one party is punished

• to make sure that the injured party covers their own costs

Which one is not an equitable remedy?

• specific performance (post-contractual position)

• money

• injunction

• rescission (pre-contractual position)