Management and Organizational Studies 2275A/B Chapter Notes - Chapter 8: Unconscionability, Infor, Equitable Remedy

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

Chapter 8 non enforcement of contracts. Voidable contract: a contract that, in certain circumstances, an aggrieved party can choose to keep in force or bring to an end. Void contract: a contract involving a defect so substantial that it is of no force or effect. Exceptions to the general rule that a contract, once formed, is enforceable. An unequal relationship between the two parties. Misrepresentation or important mistakes concerning the contract. Define; the ability to make binding contracts. General rule : minors are not obligated by the contracts the make. Contracts with minor are usually avoidable, at the option of the minor alone. Minors are obligated by contracts for necessaries and are required to pay a reasonable price for them. Beneficial contracts of service are also binding if they are considered largely for the benefit of the minor ex> employment contract.