BLS 342- Exam #3 Best

BLS 342- Exam #3 Best - Chapters on Exam: 15,16,17,18,19...

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Chapters on Exam: 15 , 16,17, 18,19 Legal Assent Chapter 17 Definition : Promise to buy or sell courts will require parties to obey (helps business transactions run smoother) Without assent, contract may be avoided/rescinded Cancellation of contract due to lack of assent means party with power of avoidance can require return of consideration given to other party, similarly, party with rescission right mist return consideration received from other party - The cancelation of the contract permits the person who cancled it to require the return of everything that they gave the other party. At the same time the person who recinds the contract must return whatever they have received from the other party. Major “obstacles to legal assent: Mistake, misrepresentation, undue influence, duress, and unconscionability When a contract is voidable it may be rescinded or canceled , due to lack of legal assent. Duress Definition: occurs when one party threatens other with wrongful act unless assent given o Two types of duress… Either bodily harm or improper threats o So if it is forced it is void Duress is not legal assent, since coercion interferes with contracting part’s fee will For courts to rescind agreement, injured party must prove duress left no reasonable alternatives Situations involving Duress One party threatens physical harm or extortion to gain consent to contract One party threatens to file criminal lawsuit unless consent given to terms of contract One party threatens to file frivolous civil lawsuit unless consent given to the term of the contract (civil cases must be frivolous for it to be duress) One party threatens the others economic interests For instance a person refuses to perform unless the other person signs another contract with the one making the threat or pays the person a higher prices that was originally agreed upon in the first contract Undue Influence
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Definition: Persuasive efforts of dominant party, who uses special relationship to interfere with other’s free choice of term The persuasive efforts of the dominate person must have interfered with the other person to make their decision Any relationship including one party’s unusual degree of trust in another can find rise to undue influence Whatever contract results from undue influence can be avoided. However not all contracts were undue influence occurs are recinded because the jury has to look at the mental condition of the person who relied on the guidance of the dominant person. And how much the other person tried to persuade them Fiduciary is a person who is held to a high legal standard that is in a position of trust in regard to another person or their property. (banker to client example) you have a loyalty to this person and if they violate this ten it is called undue influence The way they can avoid the contract is the person who is subject the undue influence A person says lets buy the property because there is gold on the property….but there is not
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This note was uploaded on 11/15/2011 for the course BLS 342 taught by Professor Miller during the Fall '08 term at Miami University.

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BLS 342- Exam #3 Best - Chapters on Exam: 15,16,17,18,19...

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