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3 cards from this section. Quick, good the night before a test.
What are the essential elements of a valid contract?
Think about the acronym 'OACFCL'.
Define a voidable contract.
Consider the scenarios where only one party feels unfairly treated.
What is the essential first step in forming a contract?
Think about what you need first to initiate a contract.
A voidable contract remains valid until annulled. True or False?
Consider situations where one party has the right to withdraw.
A contractor entered an agreement to provide construction services but later discovered crucial details were not included in the contract regarding timelines. Discuss the likely implications and potential outcomes.
Consider how lacking details can affect responsibilities.
Evaluate the role of capacity in contract formation: How could a party’s incapacity impact the overall validity?
Think about why certain individuals are restricted from making contracts.
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