Chapter 17 - Chapter 17: Legal Assent 1. Importance of...

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Chapter 17: Legal Assent 1. Importance of Legal Assent a. Legal Assent: a promise the courts will require the parties to obey b. Without legal assent, contracts become voidable and can be cancelled 2. Elements of Mistake a. Mistake of Fact: an erroneous belief about the facts of the contract at the time the contract is concluded a.i. Unilateral: the result of an error by one party a.i.1. To invalidate a contract: a.i.1.a. One party made a mistake about a material fact, the other party knew about the mistake a.i.1.b. The mistake was caused by a clerical error that was accidental a.i.1.c. The mistake was so serious the contract is unconscionable a.ii. Mutual: shared by both parties to the agreement a.ii.1. A basic assumption about the subject matter of the contract a.ii.2. A material effect on the agreement a.ii.3. An adverse effect on a party who did not agree to bear the risk of mistake at the time of the agreement 3. Elements of Misrepresentation a. Misrepresentation: an untruthful assertion by one of the parties about that
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Chapter 17 - Chapter 17: Legal Assent 1. Importance of...

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