The Law of Contract (LC 2026) (Leaving Cert Business): Flashcards
📚Flashcards
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Practise the cards
10 cards from this deck
Termination (contract)
Termination (contract)
Legal ending of a contract
4 reasons for contract termination
4 reasons for contract termination
Performance, Agreement, Frustration, Breach
Performance (termination method)
Performance (termination method)
Both parties carry out obligations fully & correctly
Agreement (termination method)
Agreement (termination method)
Both parties mutually agree to cancel the contract
Frustration (termination method)
Frustration (termination method)
Unforeseen event makes contract impossible, no fault
Breach of contract
Breach of contract
One party fails to carry out their side of agreement
Condition (contract term)
Condition (contract term)
Fundamental term going to heart of the contract
Consequence of breaching a condition
Consequence of breaching a condition
Contract can be terminated + damages can be sought
Warranty (contract term)
Warranty (contract term)
Less important term, not central to agreement
Consequence of breaching a warranty
Consequence of breaching a warranty
Cannot cancel contract, only claim compensation/damages