BU231 Lecture Notes - Lecture 7: Hardtack, Mail Order, Rescission
Document Summary
Chapter 8 backing out of contracts: mistake and misrepresentation. General mistake (not realizing a bad bargain was made): does not provide a legal basis for removing oneself from a contract: **some mistakes may provide cause to end a contract mistakes about terms and. **a and b are in a contract, and a thinks they should back out of the contract. B (consumer) are the only people involved and b gives to a a worthless cheque so a wants all of their stu back. It depends if contact #1 is void or voidable*: if two people are suffering under the same mistake, they are usually going to make the contract void because there is not a careless party. However, if there is a carless party the odds are it will be voidable (some given back) Void never existed (goods will be returned from third party) Voidable exists until set aside (goods are lost to the third party)
