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Contract 1 MCQ summary of topics
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Quick overview of contract 1 topics. Covers everything in the first MCQ, with short explanations.
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Contract Law 1: Topic Guide for the MCQEverything we have covered on the module is examinable on the MCQ. Generally speaking, you will
need to have knowledge of the key legal principles and cases for each topic we have covered over
the course of the semester. The below outline breaks down the module into key topics and
principles. This will be a good starting point for your exam preparations. You will need to fill in the
detail in terms of the applicable cases.
1. General Principles of Contract Law
- What is a contract?
- Types of contract (bilateral v unilateral, consumer v business)
- Freedom of contract
- Distinction between void/voidable
2. Offer and Acceptance
Formation
- Consensus ad idem
- Objective test
Offer
- Distinction between an offer and an invitation to treat
- Formation of a contract in different contexts:
- Advertisements
-bilateral- ITT
-unilateral- offer
- Goods sold in shops- ITT
- Auctions
- with reserve- bilateral contract under which auctioneer accepts the highest bid
- without reserve- bilateral contract under which the auctioneer accepts the highest
bid AND collateral unilateral contract under which the auctioneer promises that the
auction is without reserve
- Tenders (generally an ITT BUT depends on the wording of the tender)
- Automatic machines (offer)
- Online (ITT, plus the E-Commerce Regs and Consumer Contract Regs)
Acceptance
- Distinction between acceptance, counter-offers and requests for further information
- Battle of the forms
- Acceptance by conduct
- Acceptance must be communicated
- General rule: acceptance is not effective until it is received
- Silence is not effective
- Position where the offeror prescribes a particular mode of acceptance
- Postal rule
-Acceptance effective when letter is sent (but note the limitations)
, - Rule does not apply to letters of revocation, which are only effective when they are
received
- Rule does not apply to instantaneous methods of communication where the
receipt rule applies (which, for the purposes of contract law, is during normal office
hours)
-Acceptance and unilateral contracts
- Requirement to communicate acceptance is waived- only notice of performance is required
- Must have knowledge of the offer at the time of performance (motive is irrelevant)
- Acceptance occurs on completion of the act
- Offeror cannot revoke the offer once performance has begun
Termination of the offer
- The circumstances in which an offer can come to an end
- Revocation of an offer in a unilateral contract- the same notoriety must be given to the revocation
as was given to the original offer
3. Consideration and Promissory Estoppel
- Definition of consideration
Consideration must not be in the past
-A promise made after consideration will be construed as a gratuitous promise and unenforceable
-Exception to the general rule
Consideration must move from the promisee
- Consideration must move from the promisee but it need not move to the promisor
Consideration must be sufficient in the eyes of the law but need not be adequate for the promise
given
- The consideration need not be of equivalence in value to the promise
- Giving up something you had no right to do in the first place is not good consideration; giving up
something you had the right to do can be
Forbearance to sue
-Giving up a genuine right that you have to sue can constitute good consideration
Performance of a duty imposed by law
-Performance of something you are legally obliged to do does not constitute good consideration
- BUT if you exceed a legally imposed duty that can amount to good consideration
Performance of a contractual duty owed to a third party
-Performance of a contractual duty owed to a third party can amount to good consideration
Performance of an existing contractual duty owed to the promisor
-Normally arise in the context of promises to pay more
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