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Template:M summ 2002 ISDA 5(a)(iv): Difference between revisions
Template:M summ 2002 ISDA 5(a)(iv) (view source)
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The purist’s objection is that, since a [[representation]] is a ''pre''-contractual statement which induced the wronged party to enter the {{t|contract}} and (ergo) was not and could not be, itself, a contractual term at all — its bolt was shot before minds met — and | The purist’s objection is that, since a [[representation]] is a ''pre''-contractual statement which induced the wronged party to enter the {{t|contract}} and (''ergo'') was not, and could not be, itself, a contractual term at all — its bolt was shot before minds met, so to speak — and as such, one’s remedy for [[misrepresentation]] ought to be ''to set aside the contract altogether'' — ''[[ab initio]]'', as Latin lovers would say — voiding it on grounds of lack of [[Consensus ad idem|consensus]], and not suing for [[damages]] for breach of something which, by your own argument, never made it into the cold hard light of legal reality. The [[JC]] is nothing if not a purist. We feel that, as written, this provision is a mite misconceived. | ||
Giving our friends at ISDA the benefit of the doubt we think {{icds}} means “breach of ''[[warranty]]''”, and were really just being loose with terminology. There again, unlike other, more fundamental obligations, misrepresentation as an Event of Default has neither a materiality threshold or the accomodation to the wrongdoer in the form of a [[grace period]] or even a warning [[notice]], so perhaps not. Anyway. | Giving our friends at ISDA the benefit of the doubt we think {{icds}} means “breach of ''[[warranty]]''”, and were really just being loose with terminology. There again, unlike other, more fundamental obligations, misrepresentation as an Event of Default has neither a materiality threshold or the accomodation to the wrongdoer in the form of a [[grace period]] or even a warning [[notice]], so perhaps not. Anyway. | ||
This is where that mystifying Section {{isdaprov|3(d)}} [[representation]] comes in. <br> | This is where that mystifying Section {{isdaprov|3(d)}} [[representation]] comes in. <br> | ||
{{Section 3(d) capsule}} | {{Section 3(d) capsule|isdaprov}} | ||