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Week 10 (contract defenses) - Week 10(Contract defenses...

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Week 10 (Contract defenses) Contract Defenses - Deception o Misrepresentation Elements A false statement of fact, intention, or opinion (whether it is a material fact) o Fact = material, that reasonable person in same circumstance, would regard as important o Requisite State of mind is knowledge of a party making a misrepresentation at the time the party makes the misrepresentation. Addressing a fact, intention or opinion material to the contract o If intentional misrepresentation, there is no material required. o Facts, intent Always actionable o Opinion Actionable only if implying underlying fact o Pure Opinion - Puffing Made with the requisite state of mind o Intentional Misrepresentation (definite lie) No materiality required Damages (including punitive, in tort) Contract Avoided (“rescission”) o Negligent misrepresentation (gross negligence) If speaker unreasonably believed the representation to be true No Punitive or rescission o Innocent misrepresentation Reasonably believed the misrepresentation to be true No Damages possible! Only rescission
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