Contract Law (PGDL) Questions & Answers 2024/2025, Exams of Contract Law

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Contract Law (PGDL) Questions & Answers 2024/2025 What are the two main types of contracts? - ANSWER-Bilateral - A promise for a promise Unilateral - A promise in return for an act What is the main invitation to treat situations? - ANSWER-- Advertisement - Self-service and shop windows - Auctions (with reserve) - Invitations to tender - Mere statements of price What is the postal rule? - ANSWER-- Acceptance occurs when the letter is posted not when it is received - Also applies if the letter is never received (proof of postage) - Postal rule can be ousted in the offer - Only applies to acceptance not revocation Can the offeror stipulate the method of acceptance? - ANSWER-- Yes, but they must CLEARLY STATE that only the stipulated method will be accepted. - Remember an equally expeditious method to that stipulated should be sufficient (Timm v Hoffman) The general rule is that acceptance has no effect until communicated. However, what are the other considerations? - ANSWER-- Silence cannot amount to acceptance - Acceptance in unilateral contracts (no need to communicate. Performance) - Acceptance by conduct (may be inferred by conduct without being expressly communicated) Counter offer v Request for information - ANSWER-Counter offer (Hyde v Wrench) - Destroys previous offer, rendering it incapable of acceptance - role of offeror and offeree swaps Request for information (Stevenson, Jacques and Co v McLean) - Does not attempt to vary the terms of offer - The previous offer remains open for acceptance Types of Termination - ANSWER-- Rejection - Revocation (think about communication in bilateral and unilateral) - Lapse in time - Failure to comply with condition - Death of one of the parties (think about offeror v offeree)