MCS 3040 Chapter Notes - Chapter 8: Uberrima Fides, Unconscionability, Undue Influence

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

Document Summary

The law makes it diicult to back out of contracts, because otherwise their value would be lost. Someimes it is necessary for the court to intervene and allow a party to avoid or cancel a contract. When: relaionship between paries, one party has misrepresented an important fact, an important mistake has been made, there is a defect in the contract itself. 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 substanial that it is of no force or efect. Legal capacity the ability to make binding contracts. Law assumes that individuals and organizaions have the legal capacity to form binding contracts: children and those with mental incapaciies are given special legal protecion. Age of majority the age at which a person becomes an adult for legal purposes. Minors are not obligated by contracts they make.