MGT393H5S - Lecture10 - MGT393H5S Lecture 10 Mistake 1...

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Lecture 10 Mistake 1. Mutual – two ships with the same name, one coming in April and one coming in March Coffee bean, importer and the merchant 2. In tort law, if somebody runs you down, the damages are recovered, turns it back to the position (condition) it used to be. In Contract law, put you into a position of the completion of the contract Example - Television - I came by a bus so I will take it later and write it up - Could you leave a deposit? - Deposit of $250 - If I sold you the TV and you didn’t leave any money behind. Then I have to sue you. - Deposit and Contract is two different things, just concentrate on the four basic things. Example - Condo, $400,000 & $300,000 - Even if the builder lowered the price after you have made a contract, you are still obligated to pay the original amount. Example - I agree to buy this piece of land for $1M, we come to an agreement (contract) - Land, will happen in 6 months from now. - We should put it into a writing - We ask a lawyer to the service - Lawyer writes June 3 not June 30 - Seller is sad that he can sell it for more price - June 3 comes and goes - You obviously want out - I want you to stick to the agreement - Thus, I will be seeking a rectification - Need to show the proofs in order to get the rectification Example - 123 Mavis (Mar 31, 2009) - Phone up the insurance place and asks an insurance company for a house insurance - $700 policy for $325,000 coverage - In December, they get a fire. - The company does the search for the house but there is a mistake and the company has the record for 12 Mavis Road. -
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This note was uploaded on 10/17/2011 for the course MANAGEMENT mgt393 taught by Professor Schneider during the Spring '10 term at University of Toronto.

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MGT393H5S - Lecture10 - MGT393H5S Lecture 10 Mistake 1...

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