Summary LLB Notes Contract Law 2023 (First class)
what is a contract? - - an agreement between 2 or more parties that is intended to be enforceable
-in a real estate contract, what are the 2 parties? - - the buyer and the seller
-what is exchanged in a real estate contract? - - the seller promises to sell a real estate interest
the buyer promises to pay a specified purchase price
-T/F: a contract for the purchase and sale of real estate must be in writing to be enforceable - -
true
-what legal elements are required for the creation of a contract? (5) - - 1. offer
2. acceptance
3. consideration
4. capacity
5. lawful purpose
-what is an offer? - - a proposal intended to create a contract on acceptance by the person whom
it is made
-what do the terms of a contract state? - - what the offeror and the offeree must do
-in order for an offer to become a contract, there must be what by the offeree? - - acceptance
-what are the 4 ways an offer can be terminated before acceptance? - - 1. revocation
2. rejection
3. counter offer
4. lapse of reasonable time
-what is revocation? - - an offer can be withdrawn or revoked by the offeror before the offeree's
acceptance
-what is rejection? - - an offeree may refuse to accept or reject the offer
-what is a counter-offer? - - an offeree can propose alternate terms, thereby making a counter
offer
-what is lapse of reasonable time? - - the time period for acceptance may pass
-when does acceptance occur? - - the acceptance of the terms of a proposed contract by all
parties
-what are the 5 ways acceptance can be nullified? - - 1. fraud
2. innocent misrepresentation
what is a contract? - - an agreement between 2 or more parties that is intended to be enforceable
-in a real estate contract, what are the 2 parties? - - the buyer and the seller
-what is exchanged in a real estate contract? - - the seller promises to sell a real estate interest
the buyer promises to pay a specified purchase price
-T/F: a contract for the purchase and sale of real estate must be in writing to be enforceable - -
true
-what legal elements are required for the creation of a contract? (5) - - 1. offer
2. acceptance
3. consideration
4. capacity
5. lawful purpose
-what is an offer? - - a proposal intended to create a contract on acceptance by the person whom
it is made
-what do the terms of a contract state? - - what the offeror and the offeree must do
-in order for an offer to become a contract, there must be what by the offeree? - - acceptance
-what are the 4 ways an offer can be terminated before acceptance? - - 1. revocation
2. rejection
3. counter offer
4. lapse of reasonable time
-what is revocation? - - an offer can be withdrawn or revoked by the offeror before the offeree's
acceptance
-what is rejection? - - an offeree may refuse to accept or reject the offer
-what is a counter-offer? - - an offeree can propose alternate terms, thereby making a counter
offer
-what is lapse of reasonable time? - - the time period for acceptance may pass
-when does acceptance occur? - - the acceptance of the terms of a proposed contract by all
parties
-what are the 5 ways acceptance can be nullified? - - 1. fraud
2. innocent misrepresentation
