Chapter 9

Question 1

Equitable relief

Answer 1

a discretionary remedy first developed by the courts of equity to undo an injustice

Question 2

Rescind

Answer 2

set aside; undo or revoke a contract and return the parties as nearly as possible to their original positions

Question 3

Common mistake

Answer 3

both parties believe the same erroneous fact

Question 4

Mutual Mistake

Answer 4

both parties are mistaken but believe something different from each other

Question 5

Unilateral Mistake

Answer 5

one party is mistaken, and the other knows the truth

Question 6

Set Aside

Answer 6

possible to their original positions

Question 7

Rectification

Answer 7

correction of a written document to reflect accurately the contract made by the parties

Question 8

Mistake of Existing Identity

Answer 8

Contract is void

Question 9

Mistake of Fabricated identity

Answer 9

Contract is voidable

Question 10

Non est factum

Answer 10

“it is not my doing”

Question 11

Material

Answer 11

could reasonably be expected to influence or induce the decision of a party to enter into a contract

Question 12

Expert Opinion

Answer 12

opinions given by a person who purports to have specialized knowledge of a subject

Question 13

Indemnity

Answer 13

a money award given as a supplement to rescission for loss sustained in performing a contract

Question 14

Compensation

Answer 14

Indemnity

Question 15

Utmost good faith

Answer 15

a duty of disclosure owed when a special relationship of trust exists between the parties

Question 16

Caveat emptor

Answer 16

let the buyer beware

Question 17

Cooling-off period

Answer 17

a time during which a consumer may cancel (rescind) a contract without any reason; length of the time period is set in provincial legislation

Question 18

Undue Influence

Answer 18

the domination of one party over the mind of another to such a degree as to deprive the weaker party of the will to make an independent decision

Question 19

Guarantor

Answer 19

one who agrees to pay the debts of another person if that person defaults

Question 20

Unconscionable Contract

Answer 20

contracts where there is unequal bargaining power between the parties, and the powerful party gets an extremely advantageous deal

Question 21

Duress

Answer 21

actual or threatened violence or imprisonment as a means of coercing a party to enter into a contract

Question 22

Coercion

Answer 22

improperly forced payment under protest