BU231 Lecture Notes - Lecture 7: Rescission, Walmart, Kijiji
Document Summary
Chapter 9: backing out of contracts: mistake and misrepresentation. **this chapter focuses on how some contracts are void or voidable, with identity theft** Getting a new profile number allows your history to be wiped out. When taking loans, banks/companies will see your history on this new number rather than the last one on which you may have a bunch of debt collected. Slide 2: d; you can back out anytime you want but the court is not helping you get back since its an illegal contract thus this statement is false. Reasons of when you can back out of a contract, not being bound: Unilateral mistake: only one of the party is wrong about something the other knew it from the beginning, then contract is most likely voidable ex. I think all state sells an all-wheel drive, but you know it doesn"t and still sign the contract. I can get out but you can"t and will be legally punished.
