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Law of Contract - Coggle Diagram
Law of Contract
Elements of Contract
Intention to create legal relationship
Offer
Communicated
Conveyed
Invitation to Treat
Advertisement
Display of Goods in shop
Sale by Tender
Sales by Auction
Bilateral
Sales and Purchase contract
Unilateral
Option to Purchase
Termination
Withdrawal of offer before acceptance
Rejection or Counter offer
Lapse after a resonable time
Death of offeror
Acceptance
Unconditional
Must be communicated to offeror
In the mode specified
Consideration
Exchange from Promisee to Promisor
Option money 1%
Need not be entirely money
Rules
Past consideration is not consideration
Sufficient but need not adequate (full market value)
Contracts under Seal
No consideration needed
Terms
Conditions
Warranties
Only damages if breached
Express Terms
Implied Terms
Vitiating factors
Mistake
non est factum
Blindness, illiterate
Misunderstand the contact signed
Misrepresentation
Fraudulent misrepresentation
Negligent Misrepresentation
Innocent Misrepresentation
Actions
Rescind
Affirm
Undue Influence
Takes advantage in unfair way
Relationships
Lawyer/Client
Parent/Child
Duress
Economic Duress
Voidable
Physical Duress
Void
Discharge
Discharge by Performance
Completion of agreement
By Agreement
Discharge by Frustration of contract
Due to unforeseen events
Discharge by Breach
Anticipatory Breach
Actual or Fundamental Breach
Minor Breach
Material Breach
6 years
Remedies
Damages
Liquidated Damages
Specific Performance
Injunction
Prohibitory injunction
Mandatory Injunction
Documentation
In writing
If deposit bank in
Email exchanges is as good
4Ps
Parites
Property
PRice
Legality of Contract
Illegal contract is void
No effect
Backdated OTP to bypass law
Capacity to enter into Contract
Mental illness
Minor
OTP
Compel seller to sell
Letter of Intent
Subject to Contract
Momey can be refunded
Representations
Voidable
Can continue with contract
Exclusion Clause
Disclaimer
Privity of Contract
Contracts (Right of third Parties) Act