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 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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M_-_REALITY_OF_CONSENT - MISTAKE: BILATERAL AND UNILATERAL...

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