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Lecture

Chapter8ReadingNotes.doc

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Department
Business
Course
BU231
Professor
Daniel J Fife
Semester
Spring

Description
READING NOTESCHAPTER 8 Grounds Upon Which a Contract May Be ImplementedDiscuss what happens when a party realizes that the contract is not the one that was intendedReviewImpeaching Contracts1Mistake2Lack of Capacity3IllegalityCaveat EmptorBuyer BewareExceptionsLack of Capacity Mistake Consumer Consumer Protection ActReview Void vs VoidableVoidNever existed return parties to original stateVoidableExists until set aside no return to original stateoEg If contract 1 is void then contract two also becomes void Thus Party C needs to fully restored Party A or become liable Party C needs to sue Party B if they wanna get anything back Why No contractual linkage to party AoEg If contract 1 was voidable Party A only has until contract 2 is enacted to get their stuff back or else Party A is outta luckFor Party C to be protected in this case they must be innocent and have paid value for the goodsContract 1Party AParty BContract 2Party CRestricted Meaning of MistakeWe must not confuse legal mistake with mistake in its more general nonlegal meaningoGeneral mistakes realizing a bad bargain was made do not provide a legal basis from removing yourself from contract would undermine all contractsMistake has to be something that is undiscoverableThere are two main types of mistakeoMistake about the terms of a contractoMistakes in assumptions about important facts related to a contract although not part of the contract itself
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