Back to FlashcardsLaw / Contract Law Essentials
Contract Law Essentials
This deck covers key concepts in contract law, including part payment of debt, promissory estoppel, consensus ad idem, and the role of good faith. It also explores case studies and legal principles related to contractual capacity and illegality.
What is the rule established in Pinnel’s Case (1602) regarding part payment of a debt?
Tap or swipe ↕ to flip
Swipe ←→Navigate
1/10
Key Terms
Term
Definition
What is the rule established in Pinnel’s Case (1602) regarding part payment of a debt?
Payment of a smaller sum cannot satisfy the whole debt unless given at the creditor’s request in a different form, at a different time, or a different...
How does promissory estoppel function in contract law?
Promissory estoppel prevents a party from going back on a promise not to enforce strict legal rights when it would be inequitable to do so.
What does 'consensus ad idem' mean in contract law?
It refers to a 'meeting of the minds' where parties have a common understanding, typically assessed objectively.
What is the significance of the case Foakes v Beer (1883) in contract law?
It established that a creditor's promise to forgo interest on a debt in exchange for installment payments is unenforceable without fresh consideration...
What is the role of good faith in contract law according to the US Uniform Commercial Code?
The UCC mandates an obligation of good faith in the performance or enforcement of all contracts.
What is the legal presumption in domestic or social agreements according to Balfour v Balfour (1919)?
There is a presumption against legal enforceability as reasonable people do not usually intend for such promises to be legally binding.
Related Flashcard Decks
| Term | Definition |
|---|---|
What is the rule established in Pinnel’s Case (1602) regarding part payment of a debt? | Payment of a smaller sum cannot satisfy the whole debt unless given at the creditor’s request in a different form, at a different time, or a different place. |
How does promissory estoppel function in contract law? | Promissory estoppel prevents a party from going back on a promise not to enforce strict legal rights when it would be inequitable to do so. |
What does 'consensus ad idem' mean in contract law? | It refers to a 'meeting of the minds' where parties have a common understanding, typically assessed objectively. |
What is the significance of the case Foakes v Beer (1883) in contract law? | It established that a creditor's promise to forgo interest on a debt in exchange for installment payments is unenforceable without fresh consideration. |
What is the role of good faith in contract law according to the US Uniform Commercial Code? | The UCC mandates an obligation of good faith in the performance or enforcement of all contracts. |
What is the legal presumption in domestic or social agreements according to Balfour v Balfour (1919)? | There is a presumption against legal enforceability as reasonable people do not usually intend for such promises to be legally binding. |
What is the principle of 'capacity' in contract law? | Parties must possess the capacity to enter into an agreement, with minors and mentally impaired individuals having limited contractual capacity. |
How does the French Civil Code view good faith in contracts? | Contracts must be negotiated, formed, and performed in good faith, making it a mandatory rule that cannot be contracted out of. |
What is the outcome if a third party pays a smaller sum to settle a debt, as in Hirachand Punamchand v Temple (1911)? | The creditor cannot sue the debtor for the balance, as doing so would be a 'fraud on the third party'. |
What does the case Edwards v Skyways (1969) illustrate about intention to create legal relations? | It illustrates that agreements made in a business context are presumed to have an intention to create legal relations. |