BUSI 4000 Lecture Notes - Lecture 11: Consumer Protection

• School: Memorial University
• Department: Business Administration
• Course: BUSI 4000
• Professor: Beth Mc Grath

Document Summary

Fraudulent misrepresentations: speaker has a deliberate intent to mislead or makes a statement recklessly without knowing or believing it is true. Negligent misrepresentation: speaker makes a statement recklessly without knowing or believing that it is true. Innocent misrepresentation: speaker has not been fraudulent or negligent but has misrepresented a fact. Rescission: the remedy that results in the parties being returned to their precontractual positions. Mistake: an error made by one or both parties that seriously undermines a contract, rarely accepted by the courts, the court is entitled to set the contract aside as a remedy. Illegal contract: contract that cannot be enforced because it is contrary to legislation or public policy. A contract is illegal if it: is contrary to specific statute and/or, violates public policy. Illegal by statute: contravenes legislation, for example, criminal code. Competition act: real estate and business brokers act.