Contract Statutes - Contract Statutes 1 May a contract made...

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Contract Statutes 1. May a contract made for the benefit of a third person in South Dakota be enforced by the third person? SDCL 53-2-6: Yes. A contract made expressly for the benefit of a third person may be enforced by him at any time before the parties thereto rescind it. 2. What are the essential elements of consent to a contract made in South Dakota? SDCL 53-3-1: Essentials of consent. Consent of the parties to a contract must be: (1) Free; (2) Mutual; and (3) Communicated by each to the other. 3. Is a contract made in South Dakota void or voidable, if the consent of one of the contracting party’s is not freely given? SDCL 53-3-2: Yes. Consent which is not free is not void but voidable and may be rescinded in the manner prescribed by the statutes on rescission. 4. List the types of apparent consent to a contract that are voidable in South Dakota. SDCL 53-4-1: An apparent consent is not real or free and is voidable when obtained through: (1) Duress; (2) Fraud; (3) Undue influence; or (4) Mistake. 5. How is “duress” defined in relation to contracts in South Dakota? SDCL 53-4-3: Duress consists in: (1) Actual or threatened unlawful confinement of the person of the party, or of husband or wife of such party, or of an ancestor, descendant, or adopted child of such party, husband, or wife; or (2) Actual or threatened confinement of any such person or persons lawful in form but fraudulently obtained or fraudulently made unjustly harassing or oppressive; or (3) Actual or threatened unlawful violent injury to the person or property of any such person or persons; or (4) Actual or threatened injury to the character of any such person or persons; or (5) Actual unlawful detention of the property of any such person. 6. How is “actual fraud” defined in relation to contracts in South Dakota? SDCL 53-4-5: Actual fraud in relation to contracts consists of any of the following acts committed by a party to the contract, or with his connivance, with intent to deceive another party thereto or to induce him to enter into the contract:
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This note was uploaded on 12/15/2011 for the course BUSINESS L 101 taught by Professor Smith during the Spring '11 term at American.

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Contract Statutes - Contract Statutes 1 May a contract made...

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