CHAPTER 14

CHAPTER 14 - Commercial Law Chapter 14 CHAPTER 14...

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Commercial Law Chapter 14 CHAPTER 14 GENUINENESS OF ASSENT I. Introduction A. Genuineness of Assent 1. “Meeting of the minds” 2. Voluntary consent to enforce contract 3. Contracts that lack genuineness of assent is either void or voidable B. Affect the concepts of Genuineness of Assent 1. Mistake 2. Fraud in the Inducement 3. Undue Influence 4. Duress 5. Unconscionability II. Mistake A. Mistakes of Fact 1. Bilateral (Mutual) Mistake of facts a. Both parties mistaken as to some “material” fact : “sine qua non” essence of the agreement b. Contract can be cancelled by either party c. Latent ambiguity (Raffles v. Wichelhaus, corvette example) 2. Unilateral Mistake of facts a. One party makes mistake as to some material fact; no right to rescind contract b. Exception: Other party knew or should have known of the mistake or mistake was due or substantial mathematical error (made inadvertently and w/o gross negligence) B. Mistake of Value 1. Mistakes concerning the FMV or “quality” of the contract J. Duong 1
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CHAPTER 14 - Commercial Law Chapter 14 CHAPTER 14...

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