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Chapter 12 Notes - 2

Chapter 12 Notes - 2 - though the other party cannot o Blue...

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Ch. 12 Effect of Illegality Illegal contract is deemed to never have existed and no damages can be recovered o In pari delicto – parties equally at fault Justifiably Ignorance of the Facts: When one of the parties is innocent and has no reason to know that the contract is illegal) o Courts will not enforce contract, but will allow parties to return to their original positions Members of Protected Classes: Member of a class can enforce an illegal contract even
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Unformatted text preview: though the other party cannot o Blue Sky Laws – state laws that regulate the offering and sale of securities for the protection of the public • Withdrawal from an Illegal Agreement: Allowed • Severable, or Divisible, Contracts o Courts may enforce legal portions but not illegal portions • Contracts Illegal through Fraud, Duress, or Undue Influence: Party induced allowed to recover value...
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