MCS 3040 Chapter Notes - Chapter 8: Consumer Protection, Unconscionability, Perjury

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: Joe Radocchia

Document Summary

Once negotiators reach an agreement that appears to contain consensus, a contract is formed. Law focuses on enforcing the agreement to preserve integrity, reliability and predictability of contractual relationships. Law must prevent people from pulling out of deals. Must remedy situations where an apparently valid contract fails to reflect the real agreement. Contract that, in certain circumstances, an aggrieved party can choose to keep in force or bring to an end. Has a defect so substantial that it is of no effect. Law assumes that people have legal capacity to form contracts. Inequality between the parties fair: one party isn"t smart, bad language, lower economic standard than stronger party. An improvident bargain: party seeking to have contract set aside must be able to demonstrate that its terms greatly advantaged one party over the other, must be proof of substantial unfairness. 3: relationship requires truthfulness, disclosing info to insurance company, a statue imposes a positive obligation to disclose info.