M_-_REALITY_OF_CONSENT

M_-_REALITY_OF_CONSENT - MISTAKE BILATERAL AND UNILATERAL...

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Reality of Consent P A E T R H C 13 “Necessity never made a good bargain.” Benjamin Franklin, 1735 T. LEIGH ANENSON, J.D., LL.M.
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Learning Objectives Five doctrines that permit people to avoid their contracts because of the absence of real consent: Misrepresentation Fraud Mistake (bilateral & unilateral) Duress, and Undue influence
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Person claiming non-consent has power to rescind (cancel) the contract Person claiming non-consent must not act in a manner to ratify (affirm) the contract EFFECT OF DOCTRINES: VOIDABLE
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1. untrue assertion 2. of fact 3. fact was material or fraudulent 4. reliance on the assertion 5. reliance was reasonable Fraud only… 6. economic harm FRAUD/MISREPRESENTATION Elements
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Unformatted text preview: MISTAKE: BILATERAL AND UNILATERAL MUTUAL… 1. BASIC ASSUMPTION 2. MATERIAL EFFECT ON EXCHANGE 3. PARTY HARMED DID NOT BEAR THE RISK OF MISTAKE UNILATERAL … 4. CAUSED OR HAD REASON TO KNOW OF MISTAKE OR UNCONSCIONABLE TO ENFORCE CONTRACT 1. wrongful threat or act that coerces a person to enter or modify a contract physical, emotional, or economic harm 2. victim must have no reasonable alternative but to enter the contract DURESS – TWO ELEMENTS 1. relationship of trust and confidence or dominance 2. unfair persuasion Compare : duress (coercion) vs. undue influence (persuasion ) UNDUE INFLUENCE: TWO ELEMENTS...
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