MGMT 3100 Lecture Notes - Lecture 3: Rescission, Percussion Instrument, Life Insurance

• School: York University
• Department: Management
• Course: MGMT 3100
• Professor: Peter Mac Donald

Document Summary

Misrepresentation: when you lie or device about something. When does misrep arise during negations leading upto the contract. There are remedies for fraudulent which are damages and rescission but you cant get those both at the same time. Ex: of this kind of fraud is when you lie about a used car. There are three kinds of misrepresentation: fraudulent, negligent (when you should have taken the percussions but you didn"t), innocent when you didn"t know of the situation. Negligent mis rep remedies are damages and rescission they are being careless and did not do their full research. Ex: you don"t review the f/s you have the duty to check those f/s and give the right info instead of guessing. Innocent negligence when you don"t know the problem is there and you didn"t fulfill that obligation to check. Theres only one type of remedy rescission. When you find out that theres misrep you must do something about it.