ACCT-311 Lecture Notes - Lecture 8: Undue Influence, Unconscionability
18 Mar 2016
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Sometimes there"s disagreement between the parties about the nature or terms of the contract. This can result from a mistake made when entering into the relationship (mistaken belief) or a misrepresentation (lie) Sometimes a party alleges they entered the contract because the other party unfairly influenced them or forced them to enter into a contract ex. Undue influence, duress and unconscionability may all be means to cancel such a contract. Usually, a mistake by one party does not allow the party to cancel the contract. ex. I sell a commercial property to you but i did not realize that i would have to pay considerable tax (capital gains tax) as a result. No, because it doesn"t effect the essence of the deal, this is going to be something that happens to you because of the deal, if you don"t do enough research about the contract, you are still bound.
