Management and Organizational Studies 2275A/B Study Guide - Midterm Guide: Rescission, Unconscionability, Equitable Remedy

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

The law focuses on trying to enforce the agreement while preserving the integrity, reliability and predictability of contractual relationships. The law has two goals with contracts: preventing people from pulling out of deals because they have found better opportunities, remedy contracts where an apparently valid contract fails to reflect the real agreement of both parties. If contracts contain illegal grounds it is called a void contract: said to have never existed. If contracts are ended due to a choice made by the parties as a result of certain circumstances it is called a voidable contract: can be rescinded. With void or voidable contracts, the parties are put back in their original position. If (cid:272)o(cid:374)tra(cid:272)t is (cid:448)alid (cid:271)ut e(cid:374)for(cid:272)ea(cid:271)le a(cid:374)d so(cid:373)eo(cid:374)e (cid:862)(cid:271)rea(cid:272)hes(cid:863) you (cid:272)a(cid:374)(cid:374)ot sue the(cid:373) Legal capacity: the ability to make binding contracts. If someone is drunk to the point where the other party is aware.