《英美契约法》(双语)资料.docxVIP

I. Explain the following terms. . contractA valid contract is an agreement, formed by the mutual consent of the two parties. A contract may be definfed as an agreement, which legally binds the parties. The underline theory is that a contract is the outcome of consenting minds. However,parties are judged by what they have said, written or done, rather than by what they are actually think. An agreement which the law will recognize and enforce which , apart from other important applications, forms the basis of most business relationships and transactions. . condition termA condition is a core element of a contract. It is fundamental to the existence of the contract. Breach of a condition entitles the injured party to: repudiate the contract (ie. treat contract as discharged); and(ii)claim rescission which would enable him to receive property transferred; and (iii)claim damages: Poussard v. Spiers. . Exclusion clauseExclusion clause are clauses which purport to exclude liability altogether, or to restrict it by limiting damages or by imposing other onerous conditions. . Consideration(a)It is the element of value in the agreement. (b)Both parties must bring something of value to the agreement. (c)E.g. A sells B a car for ￡1. A and B are both providing value. (d) An act or forbearance of one party or the promise thereof is the price for which the promise of the other is bought and the promise thus given fbr value is enforceable: Dunlop v Selfridge. .Promissory estoppel If the doctrine of promissory estoppel applies then the creditor may be estopped from suing for the balance of the original debt. The doctrine may apply if: the creditor agrees to accept part payment in full and final settlement of a debt; andthe creditor intends that the debtor will rely on the agreement; and the debtor does act in reliance on the agreement (it is not sufficient merely to pay the lower amount). .Warranty term A warranty is collateral to the main purpose of the contract. It is not essential