ACTG 2P40 Lecture : Day 6*.docx
Document Summary
Impeaching contracts: misrepresentation, undue influence and duress: representations vs. Terms in a contract: term: obligations which govern the contractual relationship. Price, colours, etc: representation: statements of fact or opinion made during the formation of contract. Things said in negotiations: misrepresentation is not a breach of contract, if you have a breach, you always have damages. Classification as terms or representations: trying to determine intention, stage of negotiations. Closer to the end more likely to be a term (not representation: written contract. Parole evidence rule: if something is not in the written contract, you can not introduce it as evidence: there are a list of exceptions, ways around the rule, special skills or knowledge. Where the party making the statement has special skills or knowledge it is more likely to be a term. Caveat emptor, due diligence (buyer beware: importance of the statement. Has significance to you and is important: types of misrepresentation, fraudulent misrepresentation.
