Unformatted text preview: signing but had been fraudulently induced to enter into the contract. Fraud by concealment- Fraud that occurs when one party takes specific action to conceal a material fact from another party. Innocent misrepresentation- fraud occurs when a person makes a statement of fact that he or she honestly and reasonably believes to be true even though it is not. Undue influence- a situation where one person takes advantage of another persons mental, emotional, or physical weakness and unduly persuades that person to enter into a contract. The persuasion by the wrongdoer must overcome the free will of the innocent party. Duress- one party threatens to do a wrongful act unless the other party enters into a contract. Economic duress- one party to a contract refuses to perform his/her contractual duty unless the other party pays an increased price, enters into a second contract with the threatening party, or undertakes a similar action....
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This note was uploaded on 06/29/2008 for the course BUS LAW 2301 taught by Professor Villareal during the Spring '08 term at Dallas Colleges.
- Spring '08