Genuine Assent Chapter 7. Genuine Assent ► True and complete intent to enter into a contract Without it, contracts are typically voidable.

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Presentation transcript:

Genuine Assent Chapter 7

Genuine Assent ► True and complete intent to enter into a contract Without it, contracts are typically voidable

Voidable – if the injured party desires, they can cancel their obligation and get back what they have already put in

► Rescission – when the injured/forced party cancels their obligation of a contract ► Ratification – suggesting you intend to be bound by contract

Duress ► Occurs when one party uses improper threat or act to obtain a contract ► Creates a VOIDABLE contract

Types of Duress 1. Threats of illegal conduct 2. Threats to report crimes 3. Threats to sue 4. Economic threats

Undue Influence ► Occurs when one party is in a position of trust and wrongfully dominates and deceives the other party ► VOIDABLE by the victim

Mistake, Misrepresentation & Fraud

Unilateral Mistake ► Occurs when only one party holds an incorrect belief about the facts of a contract

Mutual (bilateral) Mistake ► Both parties have an incorrect belief about an important fact of a contract ► Also known as “Mutual Mistake” ► Contract is VOID

Material Facts are the important facts that influence a persons decision to enter into a contract

Two types of Misrepresentation ► Innocent Misrepresentation (involuntary) ► Fraudulent Misrepresentation (voluntary)

Requirements of Misrepresentation 1. Untrue statement is one of fact or active concealment 2. Statement is material to the transaction 3. Victim reasonably relied on statement

Fraud ► Based on misrepresentation ► Must be proven to show…  All elements of misrepresentation  Intent  Injury

Remedies for Fraud ► Rescission (cancel the contract) ► Damages  Recovery from loss ► Punitive Damages  Forms of punishment (above and beyond recovery from loss)