MLC101 Lecture Notes - Lecture 3: Statutory Law, Undue Influence, Unconscionability
Document Summary
Let(cid:859)s assu(cid:373)e that a legally e(cid:374)for(cid:272)ea(cid:271)le agree(cid:373)e(cid:374)t appears to ha(cid:448)e (cid:271)ee(cid:374) (cid:373)ade. But, after the contract has been made one party says that there was no genuine consent because during negotiations there was a: mistake(cid:859, misrepresenting/misleading or deceptive conduct, unconscionable conduct, duress, undue influence. If so, there is a remedy: it is called a rescission of contract and/or damages. Rescission: defined as the unmaking of a contract between parties. This is done to bring the two parties back as far as possible to the position which they were in before entering the contract. Damages: in law, damages are an award, typically of money, to be paid to a person as compensation for loss. Misrepresentation: mere puffs (exaggerated talk) = no legal consequences, pre-contractual statements = if wrong, consequences depending on the kind of representation, terms (promissory) = if breach there are consequences depending on the kind of term.
