Contract formation stages?
Becoming legally binding after agreement.
Offer vs invitation to treat?
Offer is proposal; invitation to treat invites offers.
Acceptance — form?
Unqualified agreement to an offer.
Counter-offer effect?
Rejects original offer, proposes new terms.
Timing clause — role?
Ensures contract performance within specified time.
Consideration — requirement?
Both parties must give something of value.
Promissory estoppel — purpose?
Prevents reneging on a promise without consideration.
Legal relations — element?
Parties intend legal enforceability.
Capacity — definition?
Parties must have legal ability to contract.
Formalities — purpose?
Ensure validity and enforceability of contracts.
Privity of contract — principle?
Only parties to a contract have rights and obligations.
Illegality — effect?
Can render a contract void.
Misrepresentation — requirement?
False statement of fact inducing contract.
Economic duress — impact?
Makes contract voidable due to coercion.
Undue influence — effect?
Contracts are voidable if obtained through abuse of power.
Void vs voidable?
Void contracts are invalid; voidable can be rescinded.
Answer 8 questions on Fundamentals of Contract Formation and Validity.
1. What is a key feature of the privity of contract principle?
2. What does misrepresentation in contract law primarily involve?
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