COMM 393 Study Guide - Final Guide: Counterclaim, Rescission, Unconscionability
Document Summary
!e!equitable!remedy!if:: is!inadequate, subject!is!unique!to!k, fast!feet ! !must!bring!legal!action!quickly, clean!hands ! !your!conduct!as!a!plaintiff!is!good, alternate!dispute!resolution, negotiation! !w/o!assistance!of!3rd!party, mediation! !n3p! (neutral!3rd!party)!facilitates!process,!outcome!in!control!of!parties, conciliation! !n3p!party!acts!as!goebetween!conflicted!parties, arbitration! !n3p!makes!decisions!regarding!issues!of!dispute,!parties!have!more!control!over! process,!but!fewer!options!with!appeal!of!outcome, adjudication! !n3p!listens!to!conflicted!party,!parties!have!no!control!over!process,!may!appeal! outcome" E!act!doesn"t!apply!to:: gifts! (no!consideration), barter! (goods!for!goods), pp*:!intangibles!(i. e. !trademark,!copyright,!mortgage,!shares,!cheques,!etc, real!property:!land!+!whatever!is!affixed!to!it!(i. e. !building,!tree,!fence,!etc. contract!for!service! Discharge!of!contract: all!the!obligations!under!contract!are!extinguished, 4!ways!to!discharge!a!contract:, performancee!the!contract!is!complete,!both!parties!perform, agreemente!parties!mutually!agree!to!discharge!k, frustration! (poole!vs!shanks), breach!of!condition! (westcoast,!blackcomb)! Sophistication"of"parties"ex)"was"there"abuse"of"power"of"over"one"party"in"their"superior: if"the"amount"is"c)"oppressive,"un]conscience]nate,"out"of"all"proportion"to"the"loss," penalty ] pre]estimate" position,"!" unenforceable, the"fact"that"blackcomb"suffers"no"loss"or"makes"a"profit"is"irrelevant, industry"standards]"in"real"estate"10]20%"of"the"purchase"price", where!the!amount!came!from! Where!the!rule!applies:: parties!have!a!clear!unambiguous! (no!interpretation!issues)!written!contract, later,!one!party!alleges!there!were!further! (extraneous)!oral!or!written!terms!not! included!in!the!contract, where!these!terms!add!,!vary,!contradict,!subtract!from!the!written!contract. Who is affected by the contract: privity of contract and assignment. Assignment!of!rights:! assignor:!a!party!that!assigns!its!rights!under!a!contract!to!a!third!party! assignee:!a!third!party!to!whom!rights!under!a!contract!have!been!assigned! assignment:!a!transfer!by!a!party!of!its!rights!under!a!contract!to!a!third!party! contractual!rights! (choses!in!action)!=!valuable!and!may!be!considered!a!type!of!personal! property!along!with!the!ownership!of!goods! (choses!in!possession)! choses"in"possession:!rights!to!tangible!property!that!may!be!possessed!physically! choses"in"action:!rights!to!intangible!property!that!may!be!enforced!in!the!courts! (ex:!patents,! copyrights,!stocks,!bonds,!rights!of!actions!against!people!who!have!caused!injury,!etc. Judicature&act!permits!an!assignee!to!sue!promisor!without!joining!assignor!to!the!suit!provided:: assignment!was!absolute! (unconditional&and&complete), it!was!in!writing!(between!assignee!and!assignor)!e>!as!good!as!assignor!appearing!in!court, the!promisor!received!notice!of!it!in!writing!e>!promisors!consent!isn"t!needed! statutory"assignment:"an!assignment!that!complies!with!statutory!provisions!enabling!assignee! to!sue!other!party!without!joining!assignor!to!the!action! equitable"assignment:!an!assignment!other!than!a!statutory!assignment! (requires!all!parties! involved!to!be!part!of!court!proceeding! Negotiable"instrument:!a!written!contract!containing!a!promise,!express!or!implied,!to!pay!a! specific!sum!of!money!to!the!order!of!a!designated!person!or!to! bearer ! (ex:!draft,!promissory! note,!or!cheque)! special!kind!of! chose!in!action ;!promisee!presumed!to!have!good!consideration!for!it! contains!an!express!or!implied!promise!made!by!one!or!more!parties!to!pay!amount!stated!in! instrument;!a!selfecontained!contract!with!all!necessary!written!evidence!of!its!terms!stated!on! its!face! Bill!of!exchange! (drafts):! a!written!order!by!one!party,!the!drawer"(the!party!who!draws!up!the!bill!of!exchange),! addressed!to!another!party,!the!drawee"(the!party!who!is!required!to!make!payment!on!bill!of! exchange),!to!pay!a!specified!sum!of!money!to!a!named!party,!the!payee! (the!party!named!to! receive!payment!on!bill!of!exchange),!or!to!the!bearer,!at!a!fixed!or!determinable!future!time!or! on!demand! Must!have!these!qualities:: promise!set!out!in!writing, obligation!for!money!payment!only, sum!certain !e>!instrument!quantifies!value!of!promise, unconditional, payable!at!fixed!or!determinable!future!time!or!on!demand, negotiation!must!be!for!whole!instrument,!not!part, must!be!signed!by!drawer! (or!authorized!signers)!if!draft!or!cheque,!or!by!maker!if! promissory!note! Holder!in!due!course!conditions:: holder!takes!instrument!complete!and!regular!on!its!face, must!be!acquired!before!overdue!and!w/o!notice!of!prior!dishonour, she,!or!someone!through!who!she!claims,!must!have!given!consideration! (value)!for, taken!instrument!in!good!faith!and!w/e!notice!of!defect!in!title!of!person!who! instrument! negotiated!it! Defect!of!title!defences:! lack!of!consideration! if!a!holder!takes!instrument!with&knowledge!of!one!or!more!defects,!or!when!there!is!an! irregularity!on!face!of!instrument,!he!is!not&a!holder!in!due!course,!and!a!defence!based!on!a! defect!will!be!successful! such!defects:! incapacity!to!contract: discharge!of!the!instrument!by!payment, absence!of!delivery!when!instrument!was!complete!at!the!time, fraud,!duress,!undue!influence!,illegality! E>!good!against!any!holder,!even!a!holder!in!due!course:! incapacity!to!contract!because!of!infancy: cancellation!of!the!instrument, absence!of!delivery!where!the!instrument!is!incomplete!when!taken, fraud!as!to!the!nature!of!the!instrument!when!the!promisor!is!blind!or!illiterate, a!forged!signature!on!the!instrument, want!of!authority,!someone!represented!himself!as!an!agent,!to!sign!on!behalf!of!party!liabe, alteration!of!the!instrument! Losses!suffered!only!need!by!type!of!damage!a!reasonable!person!could!foresee: not!necessary!to!foresee!full!extent!of!damages!(i. e. !thin&skull&rule)" fully!liable!even!when!injury!far!worse!than!expected!(i. e. !preeexisting!disability,!etc. )" remedy!e>!damages! types:, economic!loss!is!caused!without!there!being!any!physical!damage, there!is!physical!damage,!but!not!to!plaintiff!or!her!property!
