Management and Organizational Studies 2275A/B Lecture Notes - Oral Contract, Rescission, Uberrima Fides

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Frederick King

Document Summary

Once negotiators reach an agreement that appears to contain their consensus on the essential elements of a bargain, a contract is formed. Voidable contract a contract that, in certain circumstances, an aggrieved party can choose to keep in force or bring to an end. The hit man contract considered never to have existed due to the illegality of the actions void contract. Void contract a contract involving a defect so substantial that it is of no force or effect. Proof of an improvident bargain or proof of an exploitation. One party provides only partial information to the other side. One party neglects to correct an earlier assertion, that when stated was correct, but now is not. The parties are in a relationship that requires the utmost good faith. The law provides that a party must answer inquiries accurately and that any information volunteered must be correct. To count as a misrepresentation it must be proven that a statement is: