Chapter 7 Genuineness of Assent

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Presentation transcript:

Chapter 7 Genuineness of Assent 12/10/2018 Chapter 7 Genuineness of Assent 7-1 Duress and Undue Influence 7-2 Mistake, Misrepresentation, and Fraud Chapter 7 LAW

7-1 Duress and Undue Influence GOALS Recognize when genuine assent is not present Identify the two key elements in undue influence Chapter 7

GENUINE ASSENT AND DURESS Threats of illegal or tortious conduct Threats to report crimes Threats to sue Economic threats Chapter 7

List the various forms of legal duress. Chapter 7

UNDUE INFLUENCE AND ASSENT The relationship Unfair persuasion Chapter 7

What are the key elements in undue influence? Chapter 7

7-2 Mistake, Misrepresentation, and Fraud GOALS Recognize the types of mistakes that can make a contract voidable or void List the criteria for a statement to be treated as a misrepresentation Define fraud and describe the remedies for it Chapter 7

WHAT ARE THE TYPES OF CONTRACTUAL MISTAKES? Unilateral mistakes Mutual mistakes Chapter 7

Name the types of mistakes that can make a contract voidable or void. Chapter 7

WHAT IS MISREPRESENTATION? Untrue statement of fact Active concealment Silence Materiality Reasonable reliance Chapter 7

Chapter 7 12/10/2018 What are the three criteria for a statement to be treated as a misrepresentation? Chapter 7 LAW

FRAUD AND REMEDIES FOR FRAUD The misrepresentation must be intentional or reckless The misrepresentation or concealment must injure Chapter 7

REMEDIES FOR FRAUD Rescission Damages Punitive damages Chapter 7

What are the remedies available for fraud? Chapter 7

PREVENT LEGAL DIFFICULTIES In making contracts . . . Research important transactions before entering into them. Verify claims of the seller by outside means or through firsthand personal experience. Do not rush into a decision. Take time to review and understand the advantages and disadvantages of the proposed contract. Legitimate proposals will usually survive a delay. Continued on the next slide Chapter 7

PREVENT LEGAL DIFFICULTIES Do not hesitate to ask questions about vague or uncovered issues. Forcing the other party to make statements about them may lay the groundwork for proving fraud or misrepresentation later. If the other party does not properly answer your questions, proceed with great caution or abandon the negotiations. If you believe you have been defrauded, act promptly to rescind the contract. Chapter 7

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