COMM231 Lecture Notes - Lecture 9: Rescission, Oral Contract, Retainer Agreement

• School: University of Waterloo
• Department: Commerce
• Course: COMM231
• Professor: Joseph Radocchia

Document Summary

Misrepresentaion: statement made from one party to another that is false: 1) innocent rescission. Ex: guy thought he owned enire square of land but he actually only owned part of square. Rescission is to undue a contract and both paries go back to their original posiions. Didn"t apply to the square land case. Generally, you need to know what you are buying. Otherwise may not have legal remedy to undue the deal. Do not get damages for innocent misrepresentaion: 2) negligent rescission and/or damages. Ex: if the person says he owns square and he"s prety sure it says that on the survey. But doesn"t go check survey, this is careless: 3) fraudulent rescission and/or damages. Don"t just have to prove on a balance of probabiliies. If you prove this, you may get puniive damages. One party made a mistake on their own inadvertently. Lawyer mails bill of instead of . Law would try to ix: 2) common/mutual mistake.