Business Law Ocotber 31.docx

Business Law Ocotber 31.docx - Business Law October...

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Business Law October 31 -Mistake -unilateral -bilateral -two - Fraudulent Misrepresentation - misrepresentation of material fact -intent to deceive -reliance on misrepresentation -injury to the innocent party -Misrepresentation by silence -ordinarily neither party has duty to disclose facts -however, seller will be liable if she knows of material defect that cannot be reasonably discovered by a buyer -Undue Influence -Contract lacks voluntary consent is voidable -arises from relationships in which one party has great influence over another thus overcoming that party’s free will -examples: minors and elderly people -Duress -party who enters into a contract under fear or threat makes the contract voidable -Threat of civil suit is not unlawful -A unilateral mistake is a mistake made by both parties to a contract? False -Generally, a unilateral mistake affords the mistaken party a right to relief form the contract? False (a unilateral is never a reason unless one of the two conceptions is true) -The party who committed fraud can rescind a fraudulent contract and be restored to his or her original position? False (only the innocent party can rescind the contract) An innocent party does not need to suffer an injury to collect damages as a result of misrepresentation? Digital Storage, Inc., offers to provide cloud computing services to Entrepreneur Enterprises, Inc., but mistakenly transposes some of the digits in the price so that $15,400 appears in the fofer as $14,500. Entrepreneur Enterprises’ accepts the written offer. Entrepreneur Enterprises’ best argument in favor of enforcement of the contract is that? B a unilateral mistake does not afford relief from a contract. Organic Farms Company contracts to buy two tracts of land from Prime Bottomland, Inc. Both parties believe that the two tracts are adjacent, but in fact they are not. Prime Bottomland is still willing to sell the land, but under these circumstances the deal woul adversely affect
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Organic Farms. Because of the parties’ belief about the location of the property, their contract
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