MCS 3040 Chapter Notes - Chapter 8: Uberrima Fides, Insurance Law, Oral Contract

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

Document Summary

The importance of enforcing contracts: once negotiators reach an agreement that appears to contain their consensus on the essential elements of a bargain, a contract is formed. Law focuses on enforcing that agreement in order to preserve the integrity, reliability, and predictability of contractual relationships: canadian legal system recognizes the injustice of enforcing contracts without any provision for exceptional circumstances. Legal capacity: the ability to make binding contracts. Is the item being acquired necessary to this minor: 2. In order for a contract to be formed freely and voluntarily by both parties, both must be able to understand the nature and consequences of their agreement. Surrounding circumstances that put in question the ability of one of the parties to exercise free will are of great concern. The party who seeks relief form the contract must show that the influence existed, was exercised, and resulted in the agreement in questions.