LAWS 3003 Lecture Notes - Lecture 9: Marine Insurance, Life Insurance, Rescission
Document Summary
Misrepresentation-statement of fact which is untrue, made by representor to representee which educes representee to enter a contract. Opinion is just an opinion, no statements that can be taken as statements of fact. An opinion may become a statement of fact when its made by a person with superior knowledge and skill about the subject matter of the contract. (usually the person who is selling\offering) ex. I hope to have that scratch repainted (statement of future intention) but its different from saying i will have it repaired before i exchange it for the money . If you say i will then it can be part of the agreement. they are no binding unless they become part of the contract. If its not neither of these 3 things, it is a statement of fact. (by elimination) Common law: everyone is deemed to know the law. (fundamental principle). Law requires that all must be honest in their dealings.
