How should a contract be established?
- Contracts concluded voluntarily
- Provided Information requirements
- Benefit of both parties/allocation of resources
What is an "efficient breach of contract" in common law?
In common law countries, breach of contract is committed sometimes to increase profit.
What is the CISG?
It is a international sales law that governs contracts for the sale of goods that are between sellers and buyers whose places of business are in different countries that have made the CISG part of their law.
What are the 4 freedom's of the contract law?
- Freedom to conclude the contract
- Freedom to choose the contractual partner
- Freedom of formality
- Freedom to establish the contract‘s content
What is the difference between a bilateral and a unilateral contract?
In a bilateral contract, both parties promise to fulfil their obligations.
In a unilateral contract only one party makes that promise - e.g. "non dislosure agreement"
What is a continuing contract?
It is a call for a periodic performance with a termination date
e.g. leasing contract
What are the general requirements of a contract?
- Offer / acceptance
- Exchange of offer/acceptance
- Offer/acceptance correspond (concerning all essential points); implied promises
- Capacity to act 1.Age (exception minors: necessaries [goods or services needed for minor’s livelihood])
- 2.Capacity to consent
What elements must an offer contain?
- The offer must be communicated to the person to whom it is adressed
- The offer must manifest a willingness to enter the contract.
- The offer must make clear, that acceptance will create the contract.
- Exception: Proposals are non-binding