Contract Law Misrepresentation and Breach of Contract.
Contract Law. A contract is a legally binding or valid agreement between two parties. A contract is an agreement which will be enforced be the law. This Definition is satisfied when the following elements are present: There must be an agreement. Since nobody can agree with himself (though he may resolve to do or do an act), there must be at least two parties to an agreement. One of them will.
CHAPTER 1 CONTRACT LAW: How a legally binding contract is formed: A contract is a promise or agreement made voluntarily between two or more parties. A contract is legally enforceable only if: agreement has been reached between the parties; a consideration has been given by at least one of the parties; the parties have legal capacity and intend the contract to be legally binding; and.
Lecture outlines and case summaries for contract law relating to offer and acceptance, intention to create legal relations,consideration and estoppel, contents of a contract, unfair contract terms, misrepresentation, duress, undue influence and mistake.
A claim for misrepresentation arises where one party to a contract (the representor) made an untrue statement of fact that induced the other (the representee) to enter into the contract. Claims for misrepresentation are governed by both the common law and the Misrepresentation Act 1967.
Fraudulent Misrepresentation, False statement of fact, inducement to break the contract, Fraudulent misrepresentation, false statement of fact, Statement in relation to future conduct or intention, Statement of opinion, Statement of law, Silence, change of circumstances, active concealment, inducement to break the contract, material statement, statement made known, intended to be acted upon.
Rescission for term S1(a) MisRepA 1967 provides that a representee can still rescind the contract even if a misrepresentation has become incorporated into the contract. Bar to rescission; 1) Affirmation: where the misrepresentee affirmed the contract Long v Lloyd (1958) Court decided that misrepresentee affirmed the contract. D bought a lorry.
A misrepresentation is an untrue statement of fact or law upon which a party relies in being induced to enter a contract, which thereby causes the relying party to suffer loss. Misrepresentations can be express written or oral statements; they can be implied by words or by conduct; made when making plans or projections for the future; arise via half-truths; or arise where a statement was true.