ADMS 2610 Lecture Notes - Lecture 6: Uberrima Fides, Undue Influence, Rescission

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silverwallaby916

30 Sep 2015

School

York University

Department

Administrative Studies

Course

ADMS 2610

Professor

Richard Gasparini

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Document Summary

Chapter 11 failure to create an enforceable contract. Introduction: all parties of the contract must show that they meant precisely the same thing in the agreement, there are four situations that could arise to render the agreement unenforceable. Mistake of law: a mistake from not knowing the law thoroughly, the supreme court of canada declared that money paid under a mistake of law should not be distinguished from mistake of fact. Example: purchasing a yacht without knowing that there was a fire that burned the yacht: mistake as to the identity of one of the contracting parties. If the identity of the person in question is not an essential element of the contract, then it may be enforceable. Unilateral and mutual mistake: unilateral mistake a mistake by one party to the agreement, usually one party is mistaken of some element of the contract, and the other is aware.

Related Questions

Describe an example of a contract that you or someone you know entered into (for example, rental agreement, cell phone agreement, property purchase or leaseï¿½car, home, furniture, etc.; home or car repair, student loan agreement). In your description, be sure to provide specific contractual details including parties and subject matter involved. You must also address the following:

Describe the five essential elements of an enforceable contract, and give an example of each element from the selected contract.

Explain whether or not the contract was fulfilled. If not, discuss at least one available breach remedy.

True or False:

1. The Uniform Commercial Code is more flexible than common law.

2. Where there is a unilateral contract, there is no enforceable contract until the offeree performs the action requested by the offeror.

3. A contract is an implied contract when the parties directly state the contract terms at the time the contract is formed.

4. (Please Note: There may be more than one correct answer)

Jerry's Juice Joint verbally sends Mango Mart an order for 20 cases of mangos at $100 per case. Mango Mart sends Jerry's Juice Joint an acknowledgment form accepting the order. Using the concepts discussed in this chapter, identify the type of contract between Jerry's and Mango Mart.

	a.	The parties are merchants.
	b.	The agreement is governed by the UCC.
	c.	The contract is executory until Mango Mart delivers the goods and Jerry's Juice Joint pays for them.
	d.	The parties have formed a valid, express, bilateral contract.

5. Which of the following is correct concerning the definition of "merchant" by the UCC?

	a.	It deals only with non-professional sellers.
	b.	It always imposes the same standard on merchants and non-merchants.
	c.	It regards everyone covered by the UCC as a merchant.
	d.	It sometimes imposes a higher standard of behavior on merchants than non-merchants.

6. Ben makes an agreement with Seth which requires Seth to steal Professor Thomas' laptop computer so that Ben will have access to the homework and tests for his business classes. The agreement between Ben and Seth is a ___________ contract.

	a.	voidable
	b.	void
	c.	valid
	d.	enforceable

7. Justin is 15 years old. He goes to a T-Mobile store and enters into a cellphone contract. The agreement is:

	a.	executed.
	b.	voidable.
	c.	unilateral.
	d.	void.

blackgoose704

Michael Scott orally agreed to purchase a surveillance system priced at $35,000 from Sadiq. Scott wanted to use the system to monitor employee activity on the companyâs computer system. The sale of the system also included a one-time setup service visit priced at $500. The total contract price amounted to $35,500. The surveillance system was delivered and set up, and Scott paid $35,500. Afterwards, Scott discovered that he could obtain the same goods and services from another seller for a total contract price of $30,000. Scott now seeks rescission of the contract, based on the fact that more than $500 in goods were involved in the sales transaction, that the contract between Sadiq and himself was subject to the statute of frauds as a result, and that the oral agreement between them was therefore unenforceable. Scott wants to return the surveillance system to Sadiq, and receive reimbursement of $35,000 (He is willing to waive his claim to reimbursement for the $500 setup service visit.) Evaluate Scottâs legal position in this matter. using the Common Law of Contracts or the UCC

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ADMS 2610 Lecture Notes - Lecture 6: Uberrima Fides, Undue Influence, Rescission

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