MGMT-2007EL Chapter Notes - Chapter 8: Equitable Remedy, Caveat Emptor, Rescission

• School: Laurentian
• Department: Marketing and Management
• Course: MGMT-2007EL
• Professor: Andrew Little

Document Summary

Representation a statement made during the course of negotiations and contributes to the formation of the contract; a representation is a statement: Made by one party to the other; Made during the course of negotiations leading to the agreement; Which was meant to induce and did induce the other party to enter into the contract; But which was not intended to be a binding term of the contract. Misrepresentation an untrue statement of fact; an incorrect or false representation. This car has a new motor is a statement of fact. I will have the car inspected next year is not a statement of fact, but a promise to do something in the future. A mechanic stating that he is selling a good car could be actionable as he is an expert. Silence or non-disclosure by itself is not actually actionable. There are, however, special situations where the person contracting is required to disclose certain information .