Management and Organizational Studies 2275A/B Chapter Notes - Chapter 9: Perjury, Oral Contract, Unconscionability

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

Legal capacity: the ability to make binding contracts, contract law emphasizes the importance of consent and voluntariness. I the fails to do so, liability will be imposed from the time the minor becomes of age: in all canadians jurisdiction except bc, the common law governs the contractual capacity of minors. Caroline kuflik 2: in bc > infants act, which provides even more protection for the infant than is presence in common law. Mental incapacity: 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. Inequality between the parties: the required inequality may result because one party is unsophisticated, poorly educated, lacks language facility, or has lower economic standing than the strong party. An improvident bargain: the party seeking to have the contract set aside must also be able to demonstrate that its terms greatly advantaged one party over the other, so proof of substantial unfairness.