Is the Pledge Agreement unconscionable?
Manitoba, Canada
The following excerpt is from Loeppky et al. v. Taylor McCaffrey LLP et al., 2021 MBQB 208 (CanLII):
The court finds any suggestion the Pledge Agreement is unconscionable is not supported by the evidence. There is no grossly unfair and improvident transaction, lack of independent legal advice, overwhelming imbalance in bargaining power related to ignorance of business, illiteracy or health impediments and one party knowingly taken advantage of this vulnerability. (Cain v. Clarica Life Insurance Company, 2005 ABCA 437, 54 Alta L.R. (4th) 146 at para. 32) There is no evidence before the court about unequal bargaining power between the parties.
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