Contract lawLesson 1 of 4 in the course Formation of contracts

Contract Law: Formation, Terms, Remedies, Defences, and Legal Traditions

5 flashcards · 5 quiz questions · 5 match pairs · 5 fill-in sentences · English

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Summary

A contract is more than a promise: it is an agreement that creates rights and obligations the law may enforce. This lesson introduces the purpose of contracts, how contract law differs from tort law, and why legal rules vary between jurisdictions.

A contract is an agreement between two or more parties that creates legally enforceable rights and obligations. Parties may agree to transfer goods, provide services, pay money, or make a promise to do one of these things in the future. The process of making and managing agreements is often called contracting.

All flashcards

What is a treaty in international law?
A binding agreement between actors in international law, distinct from an ordinary private contract.
What is rescission?
A remedy that sets a contract aside or unwinds it.
What is an executory contract?
A contract whose obligations are still awaiting completion.
What does a severability clause do?
It may allow an invalid or uncertain term to be removed while the rest of the contract continues.
What is the doctrine of abstraction associated with?
German law.

Quiz questions

  1. Under the mirror image rule, what must an acceptance do?Answer: Match the terms of the offer.
  2. What is the usual legal status of goods displayed for sale?Answer: They are generally an invitation to treat.
  3. How is a unilateral contract generally accepted?Answer: By performing the act specified in the promise.
  4. In traditional common law, what may breach of a condition permit the innocent party to do?Answer: Terminate the contract and seek damages.
  5. What does legal capacity mean in contract law?Answer: The legal ability to enter into, enforce, or be bound by a contract.

Based on the Wikipedia article Contract, licensed CC BY-SA 4.0. Adapted into a summary, flashcards and quizzes.

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