RECA UNIT 5-1 COMMON LAW AND REAL PROPERTY LAW Q&A

RECA UNIT 5-1 COMMON LAW AND
REAL PROPERTY LAW Q&A
relationship between contracting parties - Answer-bilateral contract
unilateral contract

fulfilment of contracted obligations - Answer-.executory contract
.executed contract

essential elements of contract - Answer-.legal capacity of parties
.lawful object, legal contract
.intent to enter into contract
.consideration for promises
.parties in agreement
.have all facts, use free will, genuine consent

capacity issue - Answer-.intoxication/ substance impairment
.incompetence
.age
.language

consideration - Answer-.of some value
.lawful
.not past consideration
.contract without consideration but made under seal may still bind

mistake - Answer-.common mistake
.mutual mistake
.unilateral mistake

common mistake - Answer-all party hold same erroneous belief regarding fact of
contract

mutual mistake - Answer-each party makes mistake about key fact, but the mistakes are
different

unilateral mistake - Answer-one party hold erroneous belief, the other party knowing it
but did not correct the misunderstanding

genuine consent compromise factor - Answer-.mistake
.misrepresentation
.non-disclosure of facts
.duress and/or undue influence