Please enable JavaScript.
Coggle requires JavaScript to display documents.
Contract Law(2) (Terms of a Contract (Conditions/Warranties (Condition…
Contract Law(2)
Terms of a Contract
Determine the limits that parties are bound
Rights, obligations and rules
Must be complete and final to be legally binding
Representations
Part of negotiations
Implied/Express terms
Express Terms
Words used during negotiations
Implied Terms
Conditions/Warranties
Condition
Key term
End of contract
Warranty
Less important term
Damages
Breach
-
Remedies
Mitigation of Loss
Specific Performance
Rescission
Damages
As if contract had been performed
Emotional Distress
Frustration/Force Majeure
Frustration
Non-occurrence of key event
Unavailability of subject matter
Inability to comply with specific performance
Destruction of subject matter
Rules
Cannot be self-induced
Event must not be dealt with in contract
Does not apply to foreseeable events
Cancellation clauses 'trump' frustration
Force Majeure
Event outside the control of the parties
Earthquakes, legislation etc
Making performance of contract impossible
Capacity to Contract
Everyone has the capacity to enter into a legally binding contract
Exceptions
Minors
Mental Disease
Convicts
Validity of Contract
Genuine Consent
Duress, Undue Influence, Unconscionable Bargain
Mistake
Must be fundamental
Mistake of fact not law
Types
Common
Mutual
Unilateral
Misrepresentation
Remedies
Refusal to perform contract
Damages
Rescission
Types
Innocent
'Genuine mistake'
Negligent
Statement believing its true without reasonable grounds for belief
Fraudulent
Knowing its not true
Rules
Illegality