BU231 Chapter Notes - Chapter 8: Bona Fide Purchaser
Document Summary
Chapter 8: grounds upon which a contract may be implemented. Discuss what happens when a party realizes that the contract is not the one that was intended. Review void vs. voidable: exceptions lack of capacity, mistake, consumer (consumer protection, void - never existed, return parties to original state, voidable exists until set aside, no return to original state, eg. If contract 1 is void, then contract two also becomes void (thus, party c needs to fully restored party a or become liable, party c needs to sue party b if they wanna get anything back!) No contractual linkage to party a: eg. If contract 1 was voidable, party a only has until contract 2 is enacted to get their stuff back or else party a is outta luck! For party c to be protected in this case, they must be innocent and have paid value for the goods.
