COMM 393 Chapter Notes -Uberrima Fides, Deloitte, Caveat Emptor
Document Summary
Damages only granted for negligent or fraudulent misrepresentation. Unconscionability inequality of bargaining power/position one party dominates, results in unfairly advantageous bargain for powerful party consideration involved was grossly unfair can rescind contract. Illegal contracts if objects of the contract are illegal, the courts will not enforce the contract leaves plaintiff without remedy. = agreements contrary to the purpose of legislation, ex. = promises to pay a betting debt unless okay under legislation. =wagers vs insurance contracts: wagering contracts are not enforceable insurance contracts only valid if party making contract has insurable interest in insured thing/person consent required for writing for purchase of life insurance. Contracts illegal by commission of private wrong or tort. Public policy: contracts held illegal based on public policy ex. not turning in an embezzler to authorities, paying witness to fabricate evidence. Agreements in restraint of trade: agreements between 2 parties contrary to competition act, agreements between vendor & purchaser, agreements between employer & employee.
