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Contract Creation
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32 Terms
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1
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Contract
A promise, or set of promises, that the law will enforce
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3 Elements To Create Contract
* Offer
* Acceptance
* Consideration
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Offer
Definition:
A tentative promise made by one party, subject to a condition or containing a request to the other party
\
Elements of Offer:
* Definite and Certain
* Communicated to recipient
* Intended to be binding, once accepted
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Invitation To Treat
Invitation for people to create offer
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Standard Form Contract
An offer that leaves no room for negotiation over contract terms
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Counter-Offer
A new offer that is created as a result of a rejection of the original offer
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Acceptance
Final unqualified consent to the terms of the offer
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Ways of Revoking an Offer
* Revocation
* Lapse
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Revocation
Offeror can revoke the offer at any time prior to its acceptance
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Exceptions To Revocation
* Offeree paid to keep offer open
* Offer was made under seal
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Lapse
If the offer has a time limit to accept and that time passes, the offer is deemed revoked
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Communication of Acceptance
Regards to when and where the contract acceptance occurs is reasonable in the circumstance
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Postal Rule Exception
Acceptance occurs when acceptance is put on the mailbox, not when received
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Consideration
Price paid for contract
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Gratuitous Promise
When a party makes an offer that’s accepted by another party without consideration – no consideration = no contract
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Past Consideration
A past promise that forms the basis of a future promise - past consideration = no consideration
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Debtor/Creditor Rule
A new contract is not formed when a debtor promises to reduce their debt
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Mercantile Law Amendment Act
If a creditor accepts part performance in settlement of a debt, and the debtor actually paid the reduced amount, the entire debt is extinguished
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Seals
A promise made property under the seal of the promisor doesn’t require consideration to make it legally binding
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Equitable Estoppel
Court will exercise its “equitable jurisdiction to prevent a party from denying his/her promise, despite no consideration
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Intentions To Create Legal Relations
If two parties enter a contract without the intentions to of creating legal obligation (like a joke), the contract isn’t legally binding
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Capacity
Some parties lack the necessary legal competence/capacity to enter contracts, so they hold limited or no capacity – i.e., minors
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Capacity of Minors
Generally NOT legally bound to contracts, and can void most of them
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Limitations On The Capacity Of Minors
* Contracts on the supply of necessities/essentials
* Beneficial contracts of service
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Capacity of Mentally Incompetent People
Same as minors, not legally bound to contracts
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Void Vs Voidable
Void: Failed formation = no contract
Voidable: Contract exists, but can be made void at option of one of the parties
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Legality
The object of the contract can’t be illegal
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When Is A Contract Illegal
* Violation of an act
* Violation of common law or public policy
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Certainty Of Terms
Terms of the contract must be clear enough to be understood as certain, or else contract is deemed unenforceable
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Void For Uncertainty
Vague or incomplete agreements can be deemed “void” by the court, so contract never existed
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Vague Terms
Unclear terms used
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Incomplete Contracts
Contract missing essential terms
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