Contract1思维导图
Contract1
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思维导图大纲
Contract1思维导图模板大纲
basic elements
1. an agreement-meeting of minds
2. intended to be legally bound
3. consideration
types of contracts
simple contract (oral or written)
contract must in writing
guarantees
sale or disposition of an interest in land
consumer credit agreements
contracts by deed 12-year time limit
contract without consideration
conveyance of Land
offer and acceptance
invitation to treat
offer
1. promise, undertaking, commitment - intent to enter into a contract
2. definite and certain terms - capable of being enforced
3. communication to the offeree
other forms
responses to requests for information
invitation to treat
adverstisement
tenders
auction
price quotation - depends
unilateral contracts
accept offer by performace
termination of offer
revocation by offeror
effective when revocation received
exception1: collateral contract
offeree give consideration for not revoke
exception 2: unilateral contracts
irrevocable once performance begun
exception 3: bilateral contract
irrevocable once performance begun (contract concluded by performance)
termination by offeree
express rejection
counteroffer
lapse of time
mere enquiry not termination
rejection of collateral contract not termination
termination by law
death
destruction of subject matter
illegality
failure of any condition in the offer
acceptance
condition
1. aware of offer
crossing offer is not an acceptance since no knowledge of offer
2. be communicated (may be waived expressly)
3. method of acceptance
reasonable
specified
other circumstance
acceptance by conduct
offeror must be aware
unilateral contract
when act is completed (offeree has no obligation to complete)
postal rule
at the moment of posting, even if letter lost in post. unless stipulates acceptance not effective until received
only apply to acceptance
rejection/revocation effective only on receipt
not apply to instantaneous method-email
at the time the offeror receives acceptance, e.g. opening email
intention to be legally bound
domestic arrangement
not binding unless intend to be legally bound
social arrangement
not binding unless intend to be legally bound
commercial situation
presumption is they intend to be legally bound
exception
binding in honour only
subject to contract
capacity
minors
exception
necessaries
employment contracts
acquisition of a permanent interest of property
lack of mental capacity
ratify upon recovery
necessaries
intoxication
same to lack of mental capacity
company always have capacity
consideration
executed or executory
executory: promised in future
executed: be performed
must from promisee
exception: third party rights
sufficient but no need adequate- not be illusory (e.g. a promise to stop complaining is illusory)
existing duty is not a good consideration- unless there is practice benefit
past consideration is not good consideration - something have been done
exception: implied understanding of payment
part payment of debt is not good consideration
can still sue for full amount
exception
debt is disputed in good faith
amount owed is uncertain
payment at different place or earlier payment, or by different means
third party make payment
a composition with all creditors
promissory estoppel
equitable principle
give legal effect to an agreement without consideration
only used as shield, not sword
requirement
clear and unequivocal promise (express or implied)by promisor not to rely on existing legal rights
promisee must have altered their position in reliance on the promise
inequitable for promisor to go back
effect
suspensory effect only, promisor may revive original condition by reasonable notice
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