LAW 122 Lecture Notes - Uberrima Fides, Collateral Contract, Legal English
12 Dec 2012
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Document Summary
Contractual terms is a provision in an agreement that creates a legally enforceable obligation. Pre-contractual representation is a statement one party makes by words or conduct with the intention of inducing another party to enter into a contract. If a non-contractual statement is false, we say that one of the parties has made a misrepresentation. When a contractual statement is not fulfilled, we say that one of the parties is in breach of contract. Misrepresentation is a false statement of fact that causes that recipient to enter into a contract: a misrepresentation occurs only if the speaker claimed to state a fact. Rescission is the cancellation of a contract, by the parties or the court, with the aim of restoring the parties, to the greatest extent possible, to their pre-contractual state. Restitution involves a giving back and taking back on both sides.
