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

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MGT393H5S 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. Unilateral – 30,000 10cents/skin & 30,000 10cents/pound 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. - There was obviously a mistake made - Now, prove it!
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