Vitiating Factors - Economic Duress

Question 1

What are the five elements of economic duress?

Answer 1

1. Pressure was excepted
2. The pressure was illegitimate
3. The pressure induced the party to enter the contract.
4. The party had not choice but to enter the contract
5. They protested shortly after they entered the contract.

Question 2

Pao On v Lau Yui Long

Answer 2

The pressure was Illegitimate

Question 3

Progress Bulk Carriers v Tube City

Answer 3

The pressure was illegitimate

Question 4

Atlas Express v Kafco

Answer 4

The party had no choice but to enter the contract

Question 5

Remedies

Answer 5

A finding of duress makes the contract voidable in which case the contract will be set aside and the victim will be able to recover any losses