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Chapter 13 Business Law, Mallor, 13thedition

Chapter 13 Business Law, Mallor, 13thedition - CHAPTER...

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Reality of Consent P A E T R H C 1 3 “Necessity never made a good bargain.” Benjamin Franklin, 1735
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Learning Objectives v Five doctrines that permit people to avoid  their contracts because of the absence of  real consent: w Misrepresentation w Fraud w Mistake w Duress, and  w Undue influence 13 - 2
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v Contracts induced by mistake, fraud,  misrepresentation, duress, or undue influence are  generally considered to be  voidable w Person claiming non-consent has power to rescind  (cancel) the contract w Person claiming non-consent must not act in a  manner to ratify (affirm) the  contract Effect of Doctrines 13 - 3
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v misrepresentation  is a false statement and may  be negligent (innocent) or fraudulent (knowledge  of falsity and intent to deceive)  v Elements: w Defendant made an untrue assertion of fact w Fact asserted was material  or  was fraudulent w
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