LGST 101 Lecture 23

Often times you wont know the amount of money youll

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Often times you won’t know the amount of money you’ll make or lose (like with Freud) o So you can use reasonable certainty Go out and hire someone who can produce a reasonable number for how much money you would have made or lost This person gets a reasonable number o The courts do not require to-the-penny analyses Freud couldn’t do that, so he couldn’t get royalties o Must not be any liquidated damage clause o Hoola-hoop Came out in 50’s, came out for Christmas Weren’t completed on time Toy stores sued manufacturer since they didn’t make product Toy stores couldn’t determine what the loss is; the product is new and not comparable Limitations on damages Fraud o Suppose you enter a contract, and the reason they did is something they consciously lied about Based on those false statements, you signed contract, and paid money This is not a true contract Court says that it doesn’t want to injure innocent party If innocent party has committed money, then they can get back the money + interest What to do then with the contract? In general, the contract will be voided, and will not be enforceable o Fraud must be intentional Can be omission, commission
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Fraud is based upon intentional misleading Lying, going beyond certain puffery, implying information, withholding information o Normally sue to get your money back Duress o Some activity that takes away your freedom of choice o When you enter a contract, you can do all sorts of things to adjust the contract o When duress comes into play, you are forced to sign contract, even though you don’t want to o Duress is force Can be physical force Can be emotional (like threatening someone you care for) Can be personal (releasing information you don’t want to release) Can be economic Book says this o Anything that takes away your freedom of decision o Courts will not enforce any such contracts Will take care of innocent parties o Normally sue to get your money back
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  • Fall '08
  • Miller
  • Contract Law, Restitution, Appropriate measure

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