Ch 11-12 BLAW3430

Ch 11-12 BLAW3430 - Ch 11 Conduct Invalidating Assent...

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Ch 11 Duress - wrongful or unlawful act or threat that overcomes the free will of a party - physical compulsion= makes the agreement void - improper threats (economic and social coercion)= make the contact voidable Undue Influence - taking unfair advantage of a person by reason of a dominant position based on a confidential relationship - makes the contact voidable FRAUD Fraud in the execution (intention; very rare) - deceit that causes a person to sign a document different that what the person believes he or she is signing - makes the agreement void Fraud in the Inducement (intentional)- the contact is voidable if ALL of the following are true: - false representation - fact - materiality - scienter (knowledge of falsity & intention to deceive) - justifiable reliance MISTAKE Mistake- an understanding not in accord with the facts Mutual mistake - makes the contact voidable by either party unilateral mistake - no relief for mistaken party Palpable Unilateral Mistake - contact is voidable by mistaken party CONSIDERATION General rule: if a promise is not supported by consideration, the promise is not legally enforceable under contract law Elements of consideration: - legal sufficiency: a legal benefit to promisor or a legal detriment by promissee
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- bargained for exchange= an act done in the past (past consideration) is not consideration for a present promise - Most bilateral contacts (a promise made in return for a promise) do NOT have a consideration problem -
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Ch 11-12 BLAW3430 - Ch 11 Conduct Invalidating Assent...

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