Business 207 Quiz 6

Business 207 Quiz 6 - I tell you a lie to get you to do buy...

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

View Full Document Right Arrow Icon
Rescind= unmake contract Consent = party intentionally and voluntarily enters contract CAN RESCIND CONTRACT FOR LACK OF CONSENT IF: 1. Duress = forcing someone to enter a contract via threatening a. Can be physical, financial, or social(reputation) a.i. Must have strong proof of threat to be viable 2. Undue Influence= force someone to enter contract via dominance of will a. Requires a close relationship a.i. Example= nurse-patient relationship a.i.1. Essentially a threat by the nature of the situation 3. Mistake= factual mistake concerning a term of contract a. If both parties are mistaken then both may rescind b. If only one mistaken: b.i. only mistaker may rescind IF AND ONLY IF the other party knew or should have known a mistake had/ could have been made b.ii. EX= Taking extremely low bid for construction contract and builder didn’t know there was a 2 nd floor. Builder can rescind because the offeror should have known that the builder messed up somewhere, resulting in the low bid. 4. Misrepresentation=
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: I tell you a lie to get you to do/ buy something a. 1) an untrue 2) factual 3) statement 4) made to induce entry into contract b. Lie must be able to be proven as a lie, can’t be opinion c. State of mind of lying party matters for compensation of damages: c.i. Negligent: not knowing if there are termites or not and saying there aren’t, but it turns out there are c.ii. Intentional (fraud): knowing there are, saying there aren’t c.ii.1. Can result in punitive damages d. Silence= can result in misrepresentation if there is a duty to speak d.i. Duty to speak= you have to say something if there is a defect in subject matter of contract CAN ALSO RESCIND IF: A contract that must be written is not written *contracts that must be written: 1. Any contract dealing with land 2. co-siging a loan 3. Anything that cannot completed in under a year 4. UCC term- tangible goods over $500 (watch out for mixed contracts pg. 110)...
View Full Document

This note was uploaded on 11/21/2011 for the course BUS 207 taught by Professor Perello during the Fall '03 term at Cal Poly.

Ask a homework question - tutors are online