{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Notes-Chapter 14

Notes-Chapter 14 - contract Fraudulent Misrepresentation...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 12- Mistakes, Fraud, and Voluntary Consent An otherwise valid contract could be unenforceable if the parties have not genuinely agreed on its terms. Voluntary consent may have been missing. Mistakes 2 kinds of mistakes, but only mistake of fact can allow the contract to be avoided. 1. Mistakes of Fact a. Bilateral- mistake made by both parties i. Both parties can rescind the contract b. Unilateral-mistake made by one of the parties. i. Still enforceable unless one party knew mistake was made or if mistake was made inadvertently and without gross negligence. 2. Mistakes of Value a. Mistake that concerns the future market value or equality of the object of the
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: contract. Fraudulent Misrepresentation When an innocent party is fraudulently induced to enter a contract. Scienter-knowledge of the misrepresenting party that facts have been falsely represented (also known as guilty knowledge) Undue Influence Arises when one party can greatly influence another party, thus overcoming that party’s free will. Duress When one of the parties is forced into an agreement. Adhesion Contracts and Unconsciounability Adhesion contracts-contracts that are presented on a “Take-it-or-leave it” basis. Standard-form contracts-contain fine print provisions that shift risk from one party to another....
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online