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leb.pp.14 (capacity)

Identity of subject matter 2 identity ex confusion

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Unformatted text preview: nce Ex: House destroyed by fire 2. Identity of subject matter 2. Identity Ex: Confusion over parcel of land for sale Ex: 3. Character of subject matter Character Ex: Coin, believed to be rare, is counterfeit counterfeit Mistake Mistake Beachcomber Coins v. Boskett Both parties certain that coin was genuine, certain but it was actually counterfeit but Mutual mistake as to genuineness of coin: buyer can rescind rescind Mistake Wood v. Boynton Seller cannot rescind; he knowingly knowingly assumed the risk (aware of his limited knowledge of facts … bears risk of mistake) mistake Mistake Mistake Unilateral Mistake Mistaken party cannot rescind, unless: unless 1. the other party knew, or should 1. have known, of the error 2. Irmen v. Wrzesinski Irmen P will win if he can prove D knew of mistake (“too good to be true” rule) Mistake Mistake Equitable Factors 1. Taylor v. Arlington ISD 1. Taylor D not liable (can rescind) because: not (1) Unconscionable to enforce (1) Unconscionable (2) Mere negligence, and (2) Mere and (3) Rescission causes no loss to causes other party (other than loss of bargain) bargain Duress Duress A. Definition: coercion eliminates other A. party’s free will party’s B. Key: person was deprived of free will deprived Hall v. Ochs Hall Duress: not binding Kaplan v. Kaplan No duress: civil proceedings only Economic Duress Economic Totem Marine v. Alyeska Pipeline Rescission of settlement agreement (signed under economic duress …faced economic with bankruptcy, Totem accepted with Totem inadequate sum) Undue Influence Undue Power & influence used to control and take Power ad...
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