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Chapter 14 Mistakes, Fraud, and Voluntary Consent    See Separate Lecture Outline System I NTRODUCTION To this point in the text, students have studied how a contract comes into existence, when a contract will not be enforced because it is illegal or against public policy, and how the law protects certain categories of people by allowing them to avoid their contracts.  This chapter concerns another category of relief from the en- forcement of contracts: a contract may be unenforceable if the parties have not genuinely assented to the terms. In determining the genuineness of assent of the contracting parties, courts looks at a party’s objective intent.  A court may find that genuineness of assent is lacking because of mistakes, misrepresentation, undue influence, or duress (in other words, because there is no true “meeting of the minds”).  If the law were to enforce contracts not genuinely assented to by the contracting parties, injustice would result. The injured party may opt to enforce the deal, however, or to rescind it. A DDITIONAL  R ESOURCES A UDIO  & V IDEO  S UPPLEMENTS The following  audio and video supplements  relate to topics discussed in this chapter— 17
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18           INSTRUCTOR’S MANUAL TO ACCOMPANY  BUSINESS LAW,  ELEVENTH EDITION PowerPoint Slides To highlight some of this chapter’s key points, you might use the Lecture Review PowerPoint slides compiled for Chapter 14. Drama of the Law Video No. 1, entitled “Mistake,” illustrates—in a supermarket setting—how easily mistakes can be made and their legal consequences.  See the  Instructor’s Manual  for  The Drama of the Law,  pages 1-6 (Script) and pages 7-8 (Teaching Points of Law). C HAPTER  O UTLINE I. Mistakes There is a difference between mistakes as to judgment of market conditions (believing something will be worth more than it ultimately proves to be) and mistakes as to facts (believing something is something other than what it is).  Only under a mistake of fact can a contract be avoided. A. M ISTAKES   OF  F ACT 1. Bilateral (Mutual) Mistakes of Fact When parties to both sides of a contract are mistaken as to the same material fact, either party can rescind the contract at any time. C ASE  S YNOPSIS Case 14.1: Inkel v. Pride Chevrolet-Pontiac, Inc. The Inkels, who lived in Vermont, negotiated with Pride Chevrolet-Pontiac, Inc., to buy a Chevy Tahoe. Pride’s contract stated that the buyer was responsible for any problems with a trade-in vehicle.
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  • Business Law, ........., Rescission, Business  Law

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