Management and Organizational Studies 2275A/B Lecture Notes - Lecture 3: Fundamental Breach, Rescission, Writer

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Desmond Mc Keon

Document Summary

Contracts: courts determine if theres is a contract through consensus, consideration, intent, as well as, capacity. Common law cannot enter contract if not of age. Impaired to not appreciate nature of what signed into. Other person knew or reasonably knew: legality difficult to predict with certainity what a court will say. Public policy: void contracts contract not in existence, voidable contracts contract in existence but one party can choose to cancel. Duress, undue inlfuence, unconscionability: unenforceable unless in writing (gurantees, insurance contracts, land, duress, undue influence, unconscionability person is vunerable and terms have to be grossly unfair, mistake becomes overused. Court will sometimes imply terms based on past dealings. Mistake about terms of a contract require mutual misunderstand and no fault of innocent party. Applies when entering terms of contract and only deals with essential matters. Unilateral voidable: misrepresentation statement or fact that is false must be material. Only concerned with contract law over material objects.