1/ Consideration can be past or present consideration but never future consideration 2/ Mike states to his mother that she will be put into an old…
1/ Consideration can be past or present consideration but never future consideration
2/ Mike states to his mother that she will be put into an old age retirement home. This is an example of undue influence
3/ In contract law a lack of “consensus” means that the parties did not expect to be contractually bound to any agreement
4/ The legal concept of “frustration” can be a defense to a breach of contract
5/ A gratuitous promise can be enforced in a court of law provided that the person receiving the promise did something that was detrimental to themselves as a result of the promise
6/ Standard form contracts demonstrate, in concrete form, the principle that the courts hold, that parties to a contract are usually of equal bargaining strength
7/ Use of a seal alone can never replace or substitute for the requirement of consideration with regards to contracts
8/ A breach of condition in a contract allows the innocent party to repudiate the contract
9/ A person is required to honour a gratuitous promise if made under seal
10/ Even though a person promises to hold an offer open for a specified period of time, the offeror can revoke that offer before that time if he feels like it prior to acceptance
11/ A person who becomes intoxicated by drugs or alcohol cannot escape a contract on the basis of his incapacity alone
12/ A breach of warranty will bring the contract to an end
13/ When a party is responsible for an act that frustrates a contract it is treated as a breach of that contract
14/ When an outside, unforeseen event interferes with the performance of a contract, and there is some other way to fulfill that contract, performance is required
15/ Unconscionability, as it pertains to contracts, means that the courts will void the contract if one of the parties to the contract receives almost no benefits under the contract
16/ Death of the offeror does not terminate the offer
17/ An acceptance of an offer applies when and where it is received except when it is communicated by telephone
18/ A person is required to honour a gratuitous promise if made under seal even though a person promises to hold an offer open for a specified period of time, the offeror can revoke that offer before that time if he feels like it
19/ If a person didn’t intend to be bound by their agreement there can be no contract
20/ A person who has voluntarily become intoxicated by drugs or alcohol cannot escape a contract on the basis of his incapacity
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