What three elements are required for a contract?
- Agreement (offer and acceptance)
- Intention to be legally bound
- Consideration
What are three ways a simple contract can come into existence?
- In writing
- Orally
- Through conduct of parties
What are three examples of contracts which must be in writing?
- Guarantees
- Contracts for sale/disposition of an interest in land
- Consumer credit agreements
How are contracts in electronic form typically treated?
They will be considered properly executed as if they were in writing
What is a deed?
A document which makes it clear on its face that it is a deed
What are the two requirements for a deed?
- Executed by the parties to it in the presence of a witness
- Delivered
What are two instances where a contract must be made via deed to be enforceable?
- Promises where nothing is received/promised in return (avoids consideration issue)
- Conveyance/transfers of land (the actual land itself; not to be confused with the contract to sell/dispose of an interest in land)
In the context of a deed, what does delivered mean?
Any act indicating the parties’ intention to be bound
What is the timing advantage in having a contract made by deed as opposed to a contract not made by deed?
12 years to bring a claim for breach, as opposed to 6
What is required for a communication to be an offer?
It must create a reasonable expectation in the offeree that the offeror is willing to enter into a contract on the basis of all material terms contained in the offer
An expression of what is required for a communication to be an offer?
An expression of a promise, undertaking, or commitment to enter into a contract
What is required of the essential terms of an offer?
The essential terms must be definite and certain, and not too vague, uncertain, or incomplete
What is the basic inquiry required to determine if an offer contains definite and certain terms?
Whether enough of the essential terms have been provided so that a contract including them would be capable of being enforced
Does an offeree need to have knowledge of an offer?
Yes
How does an offeree acquire knowledge of an offer?
The offer must be communicated to them
Is a statement made in response to a request for information an offer?
No
What is a unilateral contract?
A contract which arises when an offeror promises to do something if the offeree does something in return and the offeree actually does this thing
What is the effect of termination of an unaccepted offer?
It cannot be accepted
What is a revocation?
A retraction of an offer by the offeror
How is an offer revoked directly?
By directly communicating the revocation to the offeree before acceptance
How is an offer revoked indirectly?
If the offeree receives:
1. Correct information
2. From a reliable source
3. Of acts of the offeror which would indicate to a reasonable person that the offeror no longer wishes to make the offer
