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Canada (161,874)
LAW 122 (625)
Stan Benda (71)
Chapter 9

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Law and Business
LAW 122
Stan Benda

Chapter 9Representations and terms Precontractualcontractual statementsNot every statement communicated during the negotiation process is a contractual agreement o Statement becomes a contractual term only if it is included in the agreement as a legally enforceable obligation It is a promissory statementPerson who makes it is voluntarily agreeing to do something in the future Precontractual representation is a statement 1 party makes by words or conduct with the intention of persuading another party to enter into a contracto It does not impose a contractual obligationo Although it persuade the creation of a contract but does not actually make the contracto Fig 91 on pg 202MisrepresentationDifference btwn contractual termprecontractual representations is important if a statement is falseIf a noncontractual statement is false we say that 1 of the parties has made a misrepresentation If a contractual statement is false we say that 1 of the parties is in a breach of contract This difference is important cuz misrepresentationbreach of contract have different legal effectsThe nature of misrepresentationMisrepresentation is a false statement that causes the person to enter into a contracto The statement can be made about the past or the presentBut contractual term statements cannot be made in the present but rather it provides a promise of future performanceo Breach of contract occurs when 1 of the parties fail to perform as promisedMisstatement of fact o Not every misstatement during precontractual negotiations is a misrepresentation o Misrepresentation happens only if the speaker claimed to state a facto Ppl often make nonfactual statements during negotiations o They sometimes state their own opinions o Opinion is the statement of a belief or judgment ex On pg 203 o Personal opinion is not a misrepresentation even if its false o There r situations in which it is risky to offer an opinion
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