Textbook Notes (362,870)
Canada (158,081)
MGSC30H3 (57)
H Laurence (33)
Chapter 11

Chapter 11 Notes

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University of Toronto Scarborough
Management (MGS)
H Laurence

Chapter 11 Failure to Create an Enforceable ContractThe essential points for the creation of a binding agreementOffer and acceptanceCapacityConsiderationLegality of objectIntention to create a legal relationshipMISTAKEMistake a state of affairs in which a party has formed an erroneous opinion as to the identity or existence of the subject matter or of some other important term no real meeting of the mindsWhen the mistake is due to the partys own negligence the contract may be binding Mistake of Lawmoney paid under a mistake of law should not be distinguished from mistake of factthe difference should be abolishedMistake of FactCourts provide reliefThe court does not require the purchaser to accept something different from what she had contracted to buy Mistake as to the existence of the subject matter of a contract or the identity of a partyContract may be voidable when the true facts are discoveredIf the identity of the party is not an essential element of the agreement then the agreement may be enforceableNon est FactumA defence that may allow illiterate persons to avoid liability on a written agreement if they can establish that they were not aware of the true nature of the document it is not my doingHad the person known what the agreement really was he or she would not have signed itMust establish that you relied on the other person to explain the content because you are illiterate and that it was described to you differentlyEg an elder person with a difficult eyesight was induced to sign which he or she thought was a reference letter but in fact was a guranteeUnilateral and Mutual MistakeUnilateral mistake a mistake by one party to the agreement y Remedy to rescind the contractEg a seller offering to sell a particular product to a buyerthe seller knows the buyer believes the offered product is something different from what it isrescind the contract Mutual mistake both parties made assumptions as to the subject matter upon agreement Rectification the correction of a mistake in an agreement that would have rendered the agreement impossible to perform this is for mistake in written agreement that renders performance possiblenot for altering literally for typo errorsuch MISREPRESENTATIONMisrepresentation must be material to the contract
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