Management and Organizational Studies 2275A/B Lecture Notes - Lecture 5: Caveat Emptor, Equitable Remedy, Vehicle Insurance

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

Document Summary

Mistake = one or both parties made a mistake, no consensus. Parly makes mistake ( unilateral mistake : general rule, there is no remedy, caveat emptor, you made a mistake, no body contributed to the mistake, exceptions: If mistake goes to identity: thought you agreed to a contract with somebody, but somebody else performs it. If mistake goes to the nature of the document: you make a mistake of what you agreeing to, though i was signing for life insurance, got car insurance. Non est factum = not my document. Misrepresentation: false statement that induces you to enter into a contract, one type is fraudulent representation. Car salesperson,: you should buy this car, its has 20 miles to a gallon. False statement that leads to a decision. Remedy: recession, tort of deceit, criminal remedies: recession is an equitable remedy that returns parties to original position, 1)not available if victim af rms the contract ( take bene t )