MO5 - Unit 3
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6 Terms
What is a unilateral contract?
Legally binding contract to one party. Enforceable when party chooses to begin fulfilling contract
What is a bilateral contract?
legally binding contract between multiple parties. Enforceable from the time contract is signed
What does the ultra vires doctrine stipulate?
Contracts made by companies outside of their memorandum will be valid. However, directors may be in breach of duty if they engage in such activities
What are the express terms of a contract?
The specifically stated terms in a contract
What are the implied terms of a contract?
Terms implied in fact: Not stated, but presumed to be intended by all parties
Terms implied by custom or usage: eg, days of grace for insurance premium payments
Terms implied in law: Implied by statutes