Contract law flashcards for SQE prep
| Front | Rejection of offer |
| Back | Once an offer is rejected, it cannot be accepted without a new offer. Does not take effect until it is actually communicated with the offeror. |
| Front | Edwinton Commercial Corporation v Tsavliris Russ, the Sea Angel [2007] |
| Back | Frustration of contract - impossible or unavailable Amount of time left to run on contract only the starting point. factors include terms of contract itself matrix or context parties knowledge, expectations, assumptions and contemplations incl risk at time of contract, as far as can be ascribed mutually and objectivelynature of supervening events, and reasonable and ascertainable calculations as to possibilities of future performance in new circs |
| Front | UCB Corporate Services v Thomason [2005] - damages in lieu of rescission |
| Back | S2(2) MA 1967 - damages in lieu of rescission only available at discretion of court and only available for negligent and innocent misrepresentation. Court must have regard to nature and seriousness of misrep, loss that would be caused if contract upheld, loss that rescission would cause to other party. Seperate from damages under s2(1). |