Management and Organizational Studies 2275A/B Chapter Notes - Chapter 8: Perjury, Rescission, Consumer Protection
15 Jan 2018
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Preventing people from pulling out of deals because they have found better opportunities. Legal capacity: the ability to make binding contracts: contract law emphasizes the important of consent and voluntariness. Minors and those with mental incapacity"s are therefore not given legal capacity. Is this item being acquired necessary to this minor. Duress: contracts that are made as a result of one of the parties being threatened with physical harm are not enforceable, duress can also be economic: The threat of economic harm that coerces the will of the other party and results in a contract. More common in the business environment: once duress is established, the contract is voidable t the option of the party who was subject to the duress. Undue influence: unfair manipulation that compromises someone"s free will or choice: if it is very obvious that one person does not have freedom and choice the contract is voidable, undue influence usually operates in two circumstances:
