What Is consideration?
Both parties agree to exchange good or services, this must be sufficient (exist) but not adequate. e.g Chappell v nestle/Thomas v Thomas
What is past consideration?
no consideration if contract made after the service or exchange of goods
what is promissory estoppel
a promisor cannot go back on a promise which is not supported by consideration. e.g promise for half rent in a flat during ww2. central London property v high trees
what is intention to create legal relations?
when a contract is agreed there is an agreement for it to be legally binging in a business agreement. not always in domestic.
what is a letter of comfort?
company writes a letter to reassure consumer on financial obligation but is not legally binding.
what is privity?
only person A and B named in the contract that can enforce the contract terms e.g Jackson v horizon holidays
what is exclusion clauses?
a clause In the contract that acts as disclaimer that removes liability if there is a breach
what is contra proferentum?
when the weaker party is preferred in a judgement, when there is ambiguity on the terms in the contract
what is actual breach?
repudiatory breach where a party has committed a breach which has made the contract void
what is anticipatory breach?
when one party informs the other they will be unable to complete the contract beforehand the breach occurs.
what is discharge by frustration?
when an unforeseen event or change in circumstances makes performance of the contract impossible such as “act of god”, “terrorist action”, “illness”.
what is substantial performance?
to have done enough work for some form of compensation to be due
what is a contract?
A legally binding agreement between two or more parties
what is a Bilateral contract?
Both parties take on an obligation
what is a Unilateral contract
contract with the whole world
