ADMS 2610 Lecture Notes - Parol Evidence Rule, Rescission, Stamen

• School: York University
• Department: Administrative Studies
• Course: ADMS 2610
• Professor: Robert Levine

Document Summary

A has just offered to buy b"s boat for $ 20,000. In telling a accepts the offer, b also tells him that the boat is in great condition, something that b knows is not true. When the contract is prepared it only refers to the boat and not b"s stamen. Of course when a gets the boat, he finds is in need of substantial repairs. A wants to return the boat and get his money back. Advise a providing your reasons. (the answer can be approached in two ways based on different principles of contract law see parole evidence rule and. A won"t be successful in this action, because a accepted the offer regardless of the extra condition. Moreover, the extra condition was made without fresh consideration, and the general rule is no consideration means no contract. Therefore the original contract with the past consideration prevails (b"s boat for ,000) since no fresh consideration was made.