Business Law Midterm 2 Notes
Legal mistake is different from normal mistake. It is uncommon to rescind a contract because of
a legal mistake. Typically, the legal mistake is about the facts of the contract, not the law.
A contract that is void i
Chapter 1 Law, Society, and Business
We need law in society to provide reliability and predictability in outcomes, law also helps to
avoid and resolve disputes.
How is Law Defined?
The law sets basic standards of behaviour that are enforced by the governm
Chapter 9: Grounds upon Which a Contract May Be Set Aside: Mistake
Narrow Meaning of Mistake parties may enter into a contract only to regret it later (not what
was intended or change their mind). Errors in judgement do not legally j
Chapter 14 Sale of Goods and Consumer Contracts
Codified existing common law rules collected and put in statute form
The Sale of Goods Acts purpose was to organize the law, with clarification where necessary to resolve
conflicts between competing principl
1-Chapter 12, lesson #11
Chapter 12, Lesson #11-The discharge of Contracts
P.250summary oon this page of highlights
Way to discharge contract w/out breaching it.
Look @ 4 diff ways contracts can be discharged. (5th way is by breach of contract)
1Chpt.10, lesson #8
Chapter 10, Lesson #8 p.204
One of the main topics of this chapter is, what kind of contracts must be in writing,
what the requirements of writing are, and what if you fail to comply with
requirements of writing.
(min 2:45) p.205. mi
1-Chapter 11 Law (lesson #9/10)
P.228 Chapter 11.
Privity of Contract and Assignment of contractual rights, main topics of chpt. 11
first part talks about Privity of Contract, and a # of qualifications or exceptions to that rule.
Also introduce concept o
1 chpt 9 lesson 7
Chapter 9 (p.185) Lesson #7
-Grounds upon which a contract may be set aside, even when contract is done properly:
Misrepresentation & Mistake 2 main ones for setting aside contract, there are others.
p.186 (min: 6;40)
-setting aside a co