LGLS 1000U Lecture Notes - Lecture 8: Unconscionability, Ontario Human Rights Commission, Institute For Operations Research And The Management Sciences
Document Summary
To identify and explain what a contract is, its key elements and the legal remedies available for breach. Contract law: a contract is an agreement between two or more parties that outlines their rights and obligations and is enforceable by courts. Illegality as to contractual formation: a contract may be illegal if it"s made to commit an act prohibited by statute e. g. only licensed individuals can sell vehicles. If one or more essential requirements for a contract aren"t met, a contract will be considered void or voidable. If a contract is void, it has no legal effect. If a contract is voidable, the party may choose to repudiate (end) a contract without being considered in breach of it. Parties must have the capacity to enter into a contract; capacity refers to the ability of the person to understand the nature and terms of a transaction and to make an informed decision about it.