Management and Organizational Studies 2275A/B Lecture Notes - Caveat Emptor, Punitive Damages, Rescission

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Mistake one or both parties make a mistake. The courts may find the contract void, voidable, rescission, or one party should sue in tort. Non est factum not what i meant to do (most of time, there is no remedy you are responsible for what you sign) Innocent misrepresentation you weren"t even careless, you did everything you could no maliciousness remedy is rescission if available (no tort remedy because you never fellow below standard of care) 2 parties making mistake: shared mistake- both making same mistake before the agreement and they are both wrong (both in agreement and both wrong). Not usually a remedy that someone comes and asks for. If both parties agree the contract is wrong, not likely to be in court. Undue influence: which reduces free will to bargain - voidable contract, presumed in certain relationships. Where a person takes advantage of another"s vulnerability. Original party can enforce contract when benefits bestowed on outsider.

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