Economic Duress

Question 1

Definition of economic duress

Answer 1

Where one party was forced into the contract because the economic pressure, The effect on the contract if proven, is that it will be voidable.
This means that it is valid until one party rejects it

Question 2

A01 - Economic Duress

Answer 2

1) V threatened and has no choice to comply (Atlas express)
2) The threat must be unlawful e.g. (Universal tankship)
- Breach
- Tort
Not unlawful if:
- Dont renew the contract
- Bankruptcy
-Withdrawal credit
3) Threat is a significant cause of making a contract - protest legal advice. (Atlantic Baron)