LAWS 3003 Lecture Notes - Lecture 9: Rescission, Uberrima Fides, Collateral Contract
Document Summary
Different from statement of opinion, or statement of law or statement of future intention. When the statement is made by a person with superior skill and knowledge, then that opinion may become a statement of fact. An opinion that is dishonest or untrue is a statement of fact. True and honest intentions: no punishment if cant uphold it. If untrue of intentions becomes untrue statement of fact. Because everyone is deemed to know the law. Three conditions of liability that must be present. Statement must be unambiguous: must be clear, test: reasonable person test. A reasonable person will not rely on statement to enter contract. Statement must be of material or relevant: to the decision by the ee" to enter the contract, test: reasonable person test. Would reasonable person think the statement is relevant in decision to enter contract: 2 exceptions: 1st: where statement is dishonest, untrue or fraudulent.
