MCS 3040 Chapter Notes - Chapter 8: Uberrima Fides, Consumer Protection

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: Joe Radocchia

Document Summary

Nor(cid:373)all(cid:455), the law is (cid:272)o(cid:374)(cid:272)er(cid:374)ed with e(cid:374)for(cid:272)i(cid:374)g (cid:272)o(cid:374)tra(cid:272)ts, a(cid:374)d it is diffi(cid:272)ult to (cid:862)(cid:271)a(cid:272)k out(cid:863) once you have entered into a contract. Otherwise, the value of contracts would be lost. Exceptions to the general rule that a contract is enforceable. Sometimes, however, it is necessary for the court to intervene and allow a party to cancel or to avoid a contract. Situations where a court might assist a party to cancel a contract. Where there is a relationship between the parties. Where one party has misrepresented an important fact. Where an important mistake has been made. Where there is a defect within the contract itself. Voidable contract a contract that in certain circumstances an aggrieved party can choose to keep in force or bring to an end. Void contract a contract involving a defect so substantial that it is of no force or effect.