Management and Organizational Studies 2275A/B Lecture Notes - Lecture 3: Undue Influence, Paintball, Unconscionability

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

Document Summary

October 6, 2016 (cid:1) (cid:1) (cid:1) (cid:1) (cid:1) Without all 3 of the above, there is no contract. In addition, contract has to satisfy these 2 additional elements: Void contracts: don"t exist, are nothing, no consideration contracts, no consensus contracts, illegal contracts, etc . Voidable contracts: exist, but may be avoided by 1 party, eg: contracts w/ lack of capacity, circumstances represent misrepresentation, etc . Unenforceable contracts (valid, but unenforceable: valid and legally binding but can"t be enforced, eg: statute of frauds. Contracts required to be in writing, otherwise aren"t enforceable (but still valid: valid but unenforceable vs void. Verbal contract for purchase of land valid. If void, courts won"t let it stand and put parties back to where before (cid:1) (cid:1) (cid:1) Purpose must be legal: easy to find out what"s illegal by looking in criminal code. Cannot be contrary to public policy: difficult b/c no book to tell us what"s contrary to public policy.