MCS 3040 Chapter Notes - Chapter 8: Unconscionability

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

Document Summary

Voidable contract: a contract that, in certain circumstances, an aggrieved party can choose to keep in force or bring to an end. Void contract: a contract involving a defect so substantial that it is of no force or effect. Legal capacity: the ability to make binding contracts. Age of majority: the age at which a person becomes an adult for legal purposes. Economic duress: the threat of economic harm that coerces the will of the other party and results in a contract. Undue influences: unfair manipulation that compromises someone"s free will. Unconscionable contract: an unfair contract formed when one party takes advantage of the weakness of another. Misrepresentation: a false statement of fact that causes someone to enter a contract. Rescission: the remedy that results in the parties being returned to their pre-contractual positions. Mistake: an error made by one or both parties that seriously undermines a contract. Common mistake: both parties to the agreement share the same fundamental mistake.