Public Law vs Private Law and Contract Law Overview

These flashcards cover key concepts related to public law, private law, and the principles of contract law as discussed in the lecture.

Public Law

Law that involves the government and refers to the relationship between individuals and the state.

Private Law

Law that concerns individuals and their relationships with each other; does not involve the government.

Criminal Law

A branch of public law where the state prosecutes individuals for committing offenses.

Administrative Law

A branch of public law that governs the activities of administrative agencies of government.

Contract Law

The body of law that governs the formation, performance, and enforcement of agreements between parties.

Legal Personality

The recognition of entities (such as individuals or corporations) as having rights and obligations.

Offer

A proposal made by the offeror to enter into a legally binding agreement with specific terms.

Acceptance

An unqualified agreement to the terms of an offer, resulting in a binding contract.

Consideration

Something of value that is exchanged by the parties to a contract, essential for the contract to be enforceable.

Objective Theory of Contract Law

The idea that a contract's existence and terms are determined by external evidence rather than the subjective intentions of the parties.

Invitation to Treat

An indication that a person is willing to negotiate the terms of a contract, but is not yet an offer.

Unilateral Contract

A contract where one party makes a promise in exchange for the performance of an act by another party.

Counteroffer

A proposal made in response to an offer that alters the terms of the original offer.

Postal Rule

Acceptance of an offer is effective when it is posted, not when it is received by the offeror.

Remedies for Breach of Contract

Legal solutions available to a party when the other party fails to fulfill their contractual obligations, often including damages.

Damages

Financial compensation awarded to a party who has suffered a loss due to a breach of contract.

Duress

A situation where a party is forced to enter into a contract against their will, making the contract voidable.

Terms of the Agreement

The specific stipulations and conditions that define the obligations and expectations of the parties in a contract.

Oral Contract

A contract that is spoken and not written, which can still be binding if the terms are clear.

Written Contract

A formal agreement that is documented in writing and signed by the parties involved.