BU231 Chapter Notes - Chapter 8: Caveat Emptor, Consumer Protection, Rescission

40 views4 pages
17 Oct 2013
School
Department
Course

Document Summary

Mere errors in judgement do not legally justify avoiding one"s legal obligations under a contract. If a mistaken party cannot restore the subject matter (ie. the goods) of the contract to the other party, then they lose the right to rescind (undo/ revoke the contract) If there is a mistake, it may be void, voidable or sometimes, corrected. Void contract: if there are 2 contracts between 3 people and the first contract becomes void, the second automatically becomes void as well. Rectification = correction of a written document to reflect accurately the contract made by the parties. There may be disagreements about the interpretation of words. Mutual mistake = a situation in which both parties believe a mistake exists in the contract but their understandings of the mistake are different: contract will become void. Mistake about the existence of the subject matter of a contract.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents