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LAWS 2202 B Exam Prep.docx

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LAWS 2202
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LAWS 2202 B Final Exam Preparation Text Private Law Social Life Chapter two Legal persons an individual or group that is allowed by law to take legal action as plaintiff or defendant It may include natural persons as well as fictitious persons such as corporationsChapter three Four elements of a valid legal contract Exchange both parties must agree on terms of exchange which would result in the completion of the agreed upon contract Coincidence of offer and acceptance and consideration often enough when these two elements are met a legally binding relationship is established between the two agreeing partiesMental element this element consists of two related components in order to validate a contract The first component being the intention to form the contract and the second being called the meeting of the minds The intention component stipulates that a court shall not validate and enforce the contract if neither one of the parties intended to enter into such a contract to begin with for example if someone says that theyd give someone a million dollars to wash their car and someone actually goes ahead and does it under the assumption that theyll be paid a million dollars The second component being the meeting of the minds stipulates that not only must the two parties agree on the contract but they must also make sure that they are agreeing on the same thingExcuses of nonperformance of a contract When someone lacks the legal capacity and means to follow through with their end of the contractThere are four main grounds in which someone can be excused by the courts from a legal contract they are as followsMistakeGenerally what constitutes a mistake is when the offering party makes a mistake in their offer the court will instruct the recipient of the offer to not accept the offering parties offer and demand on a strict offer of performance from the offering party there are two main types of mistakes which can be made which would excuse a party from their legal obligation to a contract The first mistake is known as a bilateral mistake and that is when both parties are in the wrong of a contract the courts will usually not enforce these mistakes The second type of mistake is a unilateral mistake in which a mistake is made by one party of the contractMisrepresentation is when one party of the contract usually the offering party gives false or misleading representation of the terms of the contract usually with the intent of doing so to in order to benefit them from the contract in some way The courts will usually enforce this under the grounds of the party guilty of this being fraudulent Unconscionability otherwise known as duress this element stipulates that the conduct and terms of the contract was not consented to in good conscience of one party This element has two factors economic duress and physical duressBoth of which involve a compulsion to act by threat of coercion of somethingInequality of bargaining power is where one party to a bargain or some kind of contract or agreement has more and better alternatives than the other party This results in one party having greater power than the other to choose not to take the deal and makes it more likely that this party will gain more favourable terms If proven the courts will often reinforce these contracts and order the violating party to rescind the contract made to the disadvantaged partyRelationship of dependencySimply put a relationship of dependency is a state in which one is dependent on another for support These relationships are perhaps most obvious in family life dynamics and have been a contentious party of family law relations for the past 200 yearsCommon classifications of legal dependents which were outlined in chapter two of private law social life include children women of the family such as the female spouse and at times the elderly An example of this can be seen in the case of Balfour v Balfour Chapter SixEquity In its broadest sense equity is fairness As a legal system it is a body of law that addresses concerns that fall outside the jurisdiction of Common LawIssues of equity were more or less separated from the jurisdiction of the main legal courts up until the nineteenth century The notion of equity can also be used in land issues within the court to obtain the money value of the property in damages done to the property and so on A Court injunction of equity is often used in many private law cases today involving breach of contractual dutiesFiduciary duties and their nature is a legal or ethical relationship of trust between two or more parties Typically a fiduciary prudently takes care of money for another person One party for example a corporate trust company or the trust department of a bank acts in a fiduciary capacity to the other one who for example has funds entrusted to it for investment In a fiduciary relationship one person in a position of vulnerability justifiably vests confidence good faith reliance and trust in another whose aid advice or protection is sought in some matter In such a relation good conscience requires the fiduciary to act at all times for the sole benefit and interest of the one who trusts Fiduciary duties are considered the highest duty of care in the court of lawChapter SevenRemedy of damages In law damages are an award typically of money to be paid to a person as compensation for loss or injury The rules for damages can and frequently do vary based on the type of claim which is presented eg breach of contract versus a tort claim Remedies of damages are perhaps the most commonly awarded and requested legal remedies in the litigation process Remedies in equity are judicial remedies developed by courts of equity from about the time of Henry VII to provide more flexible responses to changing social conditions than was possible in precedentbased common law As discussed in chapter six equitable remedies were granted by the Court of Chancery in England and remain available today in most common law jurisdictions Equitable remedies are distinguished from legal remedies which are available to a successful claimant as of right by the discretion of the court to grant themRemedies of equity are often awareded when a remedy of damages or other means of financial compensation are simply not sufficient There are two main types of equitable remedies awarded by the court they are as follows two main ones being injunction and specific performanceRemedy of Specific performance is an order of a court which requires a party to perform a specific act usually what is stated in a contract It is an alternative to award for awarding damages and is classed as an equitable remedyRemedy of Recession In contract law rescission has been defined as the unmaking of a contract between parties Rescission is the unwinding of a transaction This is done to bring the parties as far as possible back to the position in which they were before they entered into a contractInjunction An injunction is an equitable remedy in the form of a court order that requires a party to do or refrain from doing specific acts A party that fails to comply with an injunction faces criminal or civil penalties and may have to pay damages or accept sanctions In some cases breaches of injunctions are considered serious criminal offenses that merit arrest and possible prison sentences The rationale behind injunctions is to make whole again someone whose rights have been violatedLecture material Lecture One Three types of legal obligation contracts torts fiduciary responsibility
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