LAW 724 Lecture Notes - Force Majeure, United Nations Convention On Contracts For The International Sale Of Goods, Incoterms

• School: Ryerson University
• Department: Law and Business
• Course: LAW 724
• Professor: Alyssa Brierley

Document Summary

Agreement that is not supported by consideration (not enforceable) Person of power dominates a weaker person with whom he/she makes a contract. Does not apply to international contracts, only personal relationships. Duress: one party use economic/physical threats to extract contractual promises. Mistake: parties are not on the same page . Misrepresentation: an untrue statement or material fact, reasonably expected to influence the decision of the other party to enter the contract false, misleading. Breach of an important term of the contract: entitles innocent party to walk away from the contract/no further obligation. Failure to perform less important + non essential term of the contract: innocent party can sue for damages for the reduced value of the contract, innocent party not excused from the obligation to perform under the contract. Elements of tort action: injured party must mitigate, reduce the loss if possible, defendant owed duty of care to plaintiff , defendant breached duty of care, defendant"s conduct caused the injury.