special assign 3.docx - Teresa Meyle BUL4622 Special Assignment 3 Element#4 The fourth element of a contract no fraud duress or undue influence protects

special assign 3.docx - Teresa Meyle BUL4622 Special...

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Teresa Meyle BUL4622 Special Assignment 3
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Element #4 The fourth element of a contract, no fraud, duress, or undue influence protects parties under the fact that contracts must contain genuine assent. If a contract lacks genuine assent, it could be due to mistake, fraudulent misrepresentation, undue influence, or duress. A mistake occurs when parties enter a contract with a different understanding of the actual contractual elements. This could be one party’s mistake, unilateral mistake, or the mistake of both parties by either fact or value. If the mutual mistake is by fact, then the contract can be rescinded. However, if the mutual mistake is by value, then the contract could be normally enforced. A contract could also be rescinded if any of the components were fraudulently misrepresented. The misrepresentation could be by predictions and expression of opinions, conduct, law, or silence. A misrepresentation of predictions and expressions of opinions is hard to prove because usually only the opinions of experts misrepresented as a fact qualify as fraud. Misrepresentation by conduct deals with situations like concealing specific information to the other party. Misrepresentation by law is normally only valid if done by an individual who is expected to know more about law than the average person. This is because the average citizen is expected to know state and local laws and ignorance of these laws is not valid for fraud. Misrepresentation by silence is only fraudulent if serious defects are kept in silence. Aside from the misrepresentation itself, the fraudulent
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