ADMS 2610 Lecture Notes - Lecture 3: Rescission, Liquidated Damages

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ultramarinecrab964

10 Feb 2016

School

York University

Department

Administrative Studies

Course

ADMS 2610

Professor

Robert Levine

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Document Summary

Mistake of fact: easy to identify (for ex: i am wearing a pink sweater) (wrong). Mistake of law: happens when one party were refers to the law and misinterprets it, and acts according to it. For example a single dad decides to have an insurance plan. (and the prof. explains). Common or mutual: mistake done by both parties for the subject matter of the contract. (generally happens because of the price). Rescission: parties are put back to their position before the contract. Ending the contract and the previous position starts again. Unilateral mistake: 2 types: a- normal: the example with the stamps. When a didn"t know the true value of his stuff and b took advantage of it. The remedy is rescission. b- as to the person: the example of the corvette. When a wants to sell his corvette and b says ok. But c hears the conversation, and acts like.

Related Questions

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.

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ADMS 2610 Lecture Notes - Lecture 3: Rescission, Liquidated Damages

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