Management and Organizational Studies 2275A/B Chapter Notes - Chapter 8: Perjury, Uberrima Fides, Undue Influence
3 Oct 2016
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An unequal relationship between the two parties. Misrepresentation or important mistakes concerning the contact. A defect within 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 substantial that it is of no force or effect. Contracts based on unequal relationships: legal capacity. Because they may be unable to give true consent to their agreements, certain kinds of people are given the benefit of special legal protection. Minors are not obligated by the contracts they make. Contracts with a minor are usually voidable, at the option of the minor alone. The age of majority is within provincial control and is set at 18 or. 19 years of age, depending on the province. Food, shelter, and clothing are the most common categories of necessaries.
