ADMS2610-Session3-Ch11 - ADMS2610 Session 3 Chapter 11(pg...

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ADMS2610 Session 3 Chapter 11 (pg. 197-210) Failure to Create an Enforceable Contract Requirements for a valid contract - Essential elements such as offer, acceptance, intention, consideration, capacity may all exist but contract may still not be enforceable - Situations which may render a contract unenforceable o Mistake, misrepresentation, undue influence, duress - Also determines who bears the brunt of a given loss Mistake – a state of affairs in which a party (or both parties) has formed an erroneous opinion as to the identity or existence of the subject matter, or of some other important term - Types of Mistake o Mistake of law Presumed to know the law Usually no relief provided Exception: if statute provided for recovery o Mistake of fact Mistake as to the existence of the subject matter of the contract or the identity of a party Court may provide relief if: Mistake as to subject matter of contract o General rule, contract is void Mistake as to identify of the party o Depends if the identity of the person is an essential element of the agreement o If essential may not be enforceable o If not essential, it will be enforceable o Non Est Factum (“it is not my doing”) A defense that may allow illiterate or infirm persons to avoid liability on a written agreement if they can establish that they were not aware of the true nature of the document, and were not careless
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ADMS2610-Session3-Ch11 - ADMS2610 Session 3 Chapter 11(pg...

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