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Lecture 7

ACTG 2P40 Lecture 7: Lecture 7
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Department
Accounting
Course Code
ACTG 2P40
Professor
Tommy Wall

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Oct 18, 2016
Chapter 9 and 10
Impeaching contracts: misrepresentation, undue
Misrepresentation
1) Representations Vs. terms in a contract
A representation is a statement made during negotiations or lying
during negotiations
A term is a term in a contract
If you breach a term, the other party can sue you
If ou reah a represetatio, that’s ot grouds for suig (o
damages)
2) Requirements for a finding of misrepresentation
a) The statement must be material
The statement must be important and has to go to the heart of the
contract
Eaple: he sellig a ar, the tire is issig; is’t the atual
material
b) The misrepresentation must be statement of fact (not opinion)
It has to be a statement made by the one party as opposed to an
opinion
The only time an opinion will be taken as a fact is when the person
giving the opinion is an expert in that field
c) The statement must be intended to be acted upon
The statement has to be proven
The later i egotiatio the stateet is ade, the ore that it’s a
inference that it was intended to be acted on
d) The statement must be false
e) Party must renounce agreement promptly
3) Types of misrepresentation
a) Negligent misrepresentation
A statement made either with the knowledge that its false or with
reckless disregard for its truth
b) Innocent misrepresentation
Stateet ade hoestl to the est of a part’s koledge that
later turns out to be false
4) Misrepresentation by omission
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find more resources at oneclass.com Oct 18, 2016 Chapter 9 and 10 Impeaching contracts: misrepresentation, undue Misrepresentation 1) Representations Vs. terms in a contract  A representation is a statement made during negotiations or lying during negotiations  A term is a term in a contract  If you breach a term, the other party can sue you  If ▯ou ▯rea▯h a represe▯tatio▯, that’s ▯ot grou▯ds for sui▯g (▯o damages) 2) Requirements for a finding of misrepresentation a) The statement must be material  The statement must be important and has to go to the heart of the contract  E▯a▯ple: ▯he▯ selli▯g a ▯ar, the tire is ▯issi▯g; is▯’t the a▯tual material b) The misrepresentation must be statement of fact (not opinion)  It has to be a statement made by the one party as opposed to an opinion  The only time an opinion will be taken as a fact is when the person giving the opinion is an expert in that field c) The statement must be intended to be acted upon  The statement has to be proven  The later i▯ ▯egotiatio▯ the state▯e▯t is ▯ade, the ▯ore that it’s a▯ inference that it was intended to be acted on
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