LAW 321 Lecture Notes - Lecture 4: Electronic Signature, False Statement, Promissory Note

• School: Ryerson University
• Department: Law and Business
• Course: LAW 321
• Professor: Peter Wilson

Document Summary

Contractual obligations cannot be imposed on anyone who is not a party to a contract. Contractual benefits cannot be received, with exceptions, by anyone not a party to a contract. What is the legal significance of pre-contractual statements. A misrepresentation is a false pre-contractual statement. The possible legal consequence of a misrepresentation is not a breach of contract, but the commission of a tort. By contrast, a contractual statement of term is a promise of future performance: a breach of a contractual term can arise if the promise of future performance is not fulfilled. For a pre-contractual statement to be actionable as a misrepresentation: It must be an incorrect statement of an existing fact when made: the innocent party must have been induced to enter into the contract (if only in part) by the incorrect statement of an existing fact. Rescission (brought back to misleading silence (statement was made sincerely & believed to be true)