Notes-Chapter 14

Notes-Chapter 14 - contract. Fraudulent Misrepresentation...

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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
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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 partys 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....
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This note was uploaded on 11/18/2010 for the course MGMT 108 taught by Professor Guerin during the Spring '08 term at UCLA.

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