MCS 3040 Lecture Notes - Lecture 6: Consumer Protection, Uberrima Fides

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: Joseph Radocchia

Document Summary

Normally, the law is concerned with enforcing contracts, and it is diicult to. Back out once you have entered into a contract. Otherwise, the value of contracts would be lost. Excepions to the general rule that a contract is enforceable. Someimes, however, it is necessary for the court to intervene and allow a party to cancel or to avoid a contract. Situaions where a court might assist a party to cancel a contract. Where there is a relaionship between the paries. Where one party has misrepresented an important fact. Where an important mistake has been made. Where there is a defect within the contract itself. Voidable contract a contract that in certain circumstances an aggrieved party can choose to keep in force or bring to an end. Void contract a contract involving a defect so substanial that it is of no force or efect. The law assumes that individuals and organizaions have the legal capacity to form contracts.