COMMERCE 4SD3 Study Guide - Midterm Guide: Traffic Collision, Rescission, Oral Contract

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Can be fraudulently (recision and damages and tort of deceit) or innocently (recision) An innocent misstatement learned to be false by the maker must notify the other party asap o. If the maker does not when they have the opportunity to it is now negligent (bring them to their position before they entered into contract rescission) If a misstatement can influence your decision it is considered material o. If asked then by innocent party, the contract can be rescinded. Aggrieved/wronged party cannot rescind if the goods in contract cannot be returned at fair value o. If this party was subject to just an innocent misstatement, they get no remedy then. If wronged party learns of truth, they must cancel agreement quickly o. If they do not they lose their right to rescind. Extra compensation can be tied to rescission eg. depreciation of the car over the time it was in the other party"s hands.

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