Law 2101 Lecture Notes - Lecture 15: Decimal Mark, Rescission, Collateral Contract

• School: Western University
• Department: Law
• Course: Law 2101
• Professor: Mysty Sybil Clapton

Document Summary

Misrepresentation, mistake and specific performance: representation and terms, ex) used car salesman promising that the car you are about to purchase was driven for 20,000 km before being traded in. What happens if you sign a contract for the purchase and then discover that the odometer was rolled back: classification of pre-contractual statements, pre-contractual statements can fall into five categories, mere puff, mere sales talk (ex. Worlds greatest coffee: collateral contract, la(cid:449) (cid:373)ight (cid:271)e a(cid:271)le to fi(cid:374)d that you did(cid:374)"t ha(cid:448)e o(cid:374)e (cid:272)o(cid:374)tra(cid:272)t (cid:449)ith the dealer, (cid:271)ut rather two contracts with the dealer. In order to find if there is a collateral contract or warranty, there need to be all the necessary elements of contract formation: 1. You need to find offer, acceptance and consideration: (cid:862)if you sig(cid:374) the (cid:272)o(cid:374)tra(cid:272)t, i (cid:449)ill pro(cid:373)ise that the (cid:272)ar has 20,000k(cid:373)(cid:863, by signing the contract you are accepting the offer, 2.