The word “rescission” derives from the Latin term rescissio rescindere, meaning to cut or tear open. Under section 27(1) a person interested in a contract may file a suit to rescind the contract. The court ma adjudge rescission in the following cases- (1) Where the contract is voidable or terminable by the plaintiff (2) Where the contract is unlawful for the causes not apparent on its face and the defendant is more to be blamed than the plaintiff . The word countermand implies a specific and unequivocal
Of all the topics as discussed in the class, the topic Misrepresentation has greatly drawn my interest and I got eager to find the appropriate meaning of Misrepresentation by analysing the facts of Misrepresentation under its clause 1, different in accordance to the Indian Contact Act (1872). The term Misrepresentation is defined in Section 18 of the Act is somewhat different from ‘Misrepresentation’ are understood in ordinary parlance. In this response paper, I seek to explore the specific manner
Case 31.5 Innocent Misrepresentation: In the case or Yost v. Rieve Enterprises, Inc. Rieve Enterprises engages into a contract with Mr. Yost for a lease to purchase deal. The facts of the case are that Rieve visited the Red Barn Barbecue Restaurant with the intention of purchasing. Rieve and Mr. Yost entered into a contract after Rieve conducted a visual inspection of the premises. The deal was to include a five year lease with the option to buy the land and building. Prior to the sale, the
representation. This was shown in Museprime Properties Ltd[1], where the judge referred, with approval, to the view of Goff and Jones: Law of Restitution that, any misrepresentation which induces a person to enter into a contract should be a ground for rescission of that contract. This is known as the objective test. A false statement of opinion is not a misrepresentation of fact, Bisset v Wilkinson[2]. However, where the person giving the statement was in a position to know the true facts and it can
there is a misrepresentation, a contract entered into as a result of misrepresentation is voidable. In the case of misrepresentation the remedies are:- A- Rescission B- Damages A- Rescission - Equitable remedy available for all types of misrepresentation. - Innocent party must exercise choice: to resend or to affirm contract. - Effect of rescission: parties are put back to their pre-contractual position. - Notice: Generally, innocent party must notify representor of decision to rescind. If impossible
option either to avoid the contract or, alternatively, to affirm it. If the contract is affirm, it becomes enforceable both parties and if it is avoided, it becomes void to both parties; this option can only be exercised once. The effect of this rescission, is that the contract is now set aside and the parties get restored to their original
What is reverse mortgage? A Reverse mortgage is a special type of loan for seniors 62 or above, that lets you convert a part of equity in your home into usable cash. Borrowers do not need to repay the loan if the home is their primary residence and they meet the obligations of a reverse mortgage. Most reverse mortgages are provided by the Federal housing administration (FHA), as part of its home equity conversion mortgage (HCEM) program. What types of home are eligible? Any single family home or
The Development of Common Law and Equity 1.0 Introduction I have been asked to write a report on the development of common law and equity. Common law refers to the law created by judges that was historically significant but has been since superseded by parliament. It is in parallel with equity which refers to the source of law created by the Lord Chancellor which was designed to supplement the common law and allow people the opportunity to avoid the inherent problems. Equity
Cambridgeshire County Council (1993) Whether the representee will suffer greatly if not allowed to rescind Whether the representor would suffer unduly if rescission where allowed, cf William Sindall plc v Cambridgeshire County Council (1993) According to Salt v Stratstone Specialist Ltd (t/a Stratstone Cadillac Newcastle) (2015) the rescission must be available at the time the court is to use its discretion. The measure of damages under MA 1967 s. 2 (2) must be viewed in the light of its purpose
West 's Encyclopedia of American Law ( n.d) explained that representation is any action or conduct that can be turned into a statement of fact. Whiles, a misrepresentation is a false statement of fact made by one party to another. It has already been noted that the law makes a distinction between terms of the contracts and mere representations. Statements made prior to the formulation of a contract, while they may not be considered important enough to be classified as terms, will nevertheless have
Traditionally, the court's task when interpreting a written contract is to find the intention of the two parties, which is then judged objectively. Traditionally, judges approached this task by focusing entirely on the language used in the contractual document, assisted by various legal 'canons of construction', which attempt to distinguish its meaning without considering the background to the contract or any other 'external' matters. This literal legalistic approach has had the benefit of clarity
1.0 Introduction A contract is formed when two or more parties make an agreement with the consent of both parties. The meaning of contract is defined in section 2 (a) . Contracts create mutual obligations enforceable by law for an agreement between parties involved (KIM, 2017). The basic elements required to form a legally enforceable contract are offer, acceptance of offer, intention to create legal relations, consideration, certainty and legal capacity. 1.1 Void Contract The term ‘void’ is defined
Law Case Study Ian, an investment broker, was approached by Victor who asked him whether he should invest in Wonder Electronics Ltd. Ian said “ You certainly should, Lord Wellybob is a director. It is a very sound company. It is my view that it will go from strength to strength. In fact
There are four ways where they can do this, and those are: mutual rescission, substituted contract, accord and satisfaction, or novation. Mutual rescission is when the parties accept to terminate their duties under the contract. Substituted contract is when the parties agree to create a new contract where they are satisfied with their duties. Accord and satisfaction
A contract is a legally binding agreement between two or more parties which is enforceable by law. A contract can be defined as a promise or set of promises. A contract is an agreement so, it is not really necessary to be in writing, it could be made orally as well. There should be free consent of parties when they enter into the contract. Offer, acceptance and consideration are three essential elements what every contract should have. In every contract, one party needs to offer and other party
REMEDIES FOR BREACH OF CONTRACT What are the Remedies for Breach of Contract? There are several remedies for breach of contract, such as award of damages, specific performance, rescission, andrestitution. In courts of limited jurisdiction, the main remedy is an award of damages. Because specific performance and rescission are equitable remedies that do not fall within the jurisdiction of the magistrate courts, they are not covered in this tutorial. What Damages Can Be Awarded? There are two general
Young should implement a contract for use in future dealings. His contract should be thoughtfully made and include the following five elements: a specification of the exchange, the duration of the contract, choice of law, a rescission/termination clause, and an arbitration clause. A specification of the exchange needs to be included because it should be evident what it is that the two parties are agreeing to trade, in this case Mr. Young would be exchanging his farrier skills
Introduction Transactions play a big role in civil law. As million bargains are made daily in the world. So, people daily conclude bargains on the basis of which sell them goods, render services, perform works. Also it proceeds during all human life - from the birth to the death. To enter in a contract, parties have to give a consent to it. Unfortunately, not all bargains are concluded at the request of the parties, such bargains are illegal, because the parties (or party) did not give genuine
Introduction. In this case study in which Stanley and Sons Inc., (the company) entered into a supply management contract with Tadduni Partners (customer) aligns with accounting standards for revenues from contracts with customers, Financial Account Standards Board (FASB) Accounting Standards Topic 606. Case background. The contract is outlined in contractual details for the customer to provide spare parts, management services, resource procurement, repair, transport and deliver parts to warehouse
Introduction A contract is a promise that the law will enforce. In situations where a promise is breached, the law provides remedies. A contract is created when a promise that is made by a party creates a duty. Contracts all contain common elements of Offer, Acceptance, and Consideration, and may have two more parties known as promisors, promises, or beneficiaries. For a contract to be enforceable it must be made by competent parties. For example, if a contract is entered into where one party is