Legal Implications of Contracts (Grade 10 NSC Matric Business Studies): Flashcards
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Practise the cards
10 cards from this deck
Binding contract
Binding contract
A contract that can be legally enforced
Contractual capacity
Contractual capacity
Legal ability to make binding agreements
Legal age for contracts in South Africa
Legal age for contracts in South Africa
18 years or older
Minors and binding contracts
Minors and binding contracts
People under 18 cannot enter into valid contracts
Insolvent people and contracts
Insolvent people and contracts
Cannot enter into binding contracts
Reasonable terms in contracts
Reasonable terms in contracts
Fair and achievable conditions by all parties
Legally possible contracts
Legally possible contracts
Must not go against law or public policy
Voidable contract
Voidable contract
Contract that may be declared legally unenforceable
Contract termination conditions
Contract termination conditions
Conditions met, parties agree, or significant breach
Good faith principle in contracts
Good faith principle in contracts
All parties must act honestly and fulfil obligations