mkt100 Lecture Notes - Lecture 8: Rescission, Life Insurance, Undue Influence
Document Summary
If both are equally reasonable the contract is void: unilateral mistake is one-side, caveat emptor (cid:862)buyer beware(cid:863, plea of non est factum may allow you to avoid a contract if: You did not understand the fundamental nature of the agreement and. Thought there are some exeptions of precedents: court may imply terms based on: - judge may interpret missing terms by (ie. missing form of payment) Silence is not misrepresentation unless there was a duty to disclose: a partial truth, hiding the truth can be misrepresentation. There are 3 different types of misrepresentation leading to different remedies: The courts presume there is undue influence (parent and minor, child and elder parent, lawyer and client etc. : unconscionable transaction = voidable contract - - must show: typically strangers. Unequal bargaining positions stronger and weaker party. Stronger party took advantage of the weaker knows the weakness and takes advantage of it.
