LAW 122 Chapter Notes - Chapter 9: Rescission, Contractual Term, Equitable Remedy

• School: Ryerson University
• Department: Law and Business
• Course: LAW 122
• Professor: Theresa Miedema

Document Summary

Contractual term- provision in an agreement that creates a legally enforceable obligation: promissory statement agrees to do something in the future. Pre-contractual representation- statement one party makes by words or conduct with the intention of inducing another party to enter into a contract: does not impose a contractual obligation. Mere sales words no consequences: representations. Representations: statements made to induce contract, do not become contractual promises, may be actionable if they falsely induce contract. If a non-contractual statement is false we can say one of the parties made a misrepresentation. Contractual statement not fulfilled one of the parties is in breach of contract. Pre-contractual representation form if legal liability such as actionable misrepresentation. Misrepresentation- false statement of fact that causes the recipient to enter into a contract: may be actionable if it induced a contract, whether statement made past or present main feature false when made, contractual term provides promise of future performance.