BUS 393 Lecture Notes - Undue Influence, Rescission, Clean Hands

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 393
• Professor: Colin Hawes

Document Summary

Mistake: misunderstanding that destroys consensus results in void contract. Shared mistake: both parties are in agreement, but have both made the same mistake regarding. Bad deals will not count as mistakes some aspect of the contract. Rectification: the rewriting of a contract on behalf of one of the party at the expense of another. Misrepresentation: a misleading statement that induces a contract. Must be fact, not opinion or promise. Promise: i will wash the car next year. Ex: when a mechanic says a car is a good car, but it breaks down, it is misrepresentation. Utmost good faith: an obligation to disclose certain information. Partial disclosure may also be misrepresentation/false statement. Innocent misrepresentation: a false statement made honestly without carelessness by a person who too, thought it was true. Rescission: the unmaking of a contract; properties are returned to original owners. Impossibility of restoring: subject in question is destroyed courts deny remedy.