Mutual mistake of material fact material fact is a fact important to subject

Mutual mistake of material fact material fact is a

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-Mutual mistake of material fact: material fact is a fact important to subject matter of contract. Ambiguity (word is susceptible to more than one logical interpretation) may constitute to a mistake by both parties concerning a material fact that is important to subject matter of contract. -Mutual mistake of value: mistake that occurs if both partie know the object of the contract but are mistaken to its value. But still enforceable since subject matter is not issue. -Fraud: intentional misrepresentation - event occurs when one person consciously decides to induce another person to rely and act on a misrepresentation. To prove fraud, 1.Wrongdoer made false representation of material fact- by words oral or written or by conduct of party. 2.Wrongdoer intended to deceive innocent party - person making misrepresentation must have either had knowledge that representation was false or made without knowledge of truth (scienter). 3.Innocent party justifiably relied on misrepresentation - justifiable reliance is found unless party knew misrepresentation was false. 4.Innocent party was injured - fraud caused economic injury - difference b/w value of property as represented and actual value. -Duress: situation in which one party threatens to do a wrongful act unless the other party enters into a contract; assent not voluntary. -Undue influence: situation in which one person (dominant party) takes advantage of another person’s mental, emotional, or physical weakness and unduly persuades that person (servient party) to enter into a contract; the persuasion by the wrongdoer must overcome the free will of the innocent party. Statute of Frauds: state statutes that requires certain type of tracts to be in writing. -Contracts involving interest in real property: the land itself, as well as buildings, trees, soil, minerals, timber, plants, crops, fixtures permanently affixed to the land or buildings. Transfer of ownership also in writing - mortgages, leases. -Doctrine of part performance: an equitable doctrine that allows court to order an oral contract for the sale of land or transfer of another interest in real property to be specifically performed if it has been partially performed and performance is necessary to avoid injustice. -agents contracts: to sell property be in writing to be enforceable = Equal dignity rule. -one -year rule: rule states that an executory contract that cannot be performed by its own terms within one year of its formation must be in writing. -Guaranty contract: promise in which one person agrees to answer for debts of duties another person. It is a contract between the guarantor and original creditor.
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-UCC - Contract for the sale or lease of goods: 2-201 is section of ucc stating that sales contracts for the sale of goods priced at $500 or more must be in writing. And 2A-201 is section of UCC stating that lease contracts requiring payments of $1000 or more in writing.
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