Section 6.2 Voidable Contracts and Remedies. Section 6.2 Voidable Contracts and Remedies A contract that seems to be valid can be voided if the agreement.

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Presentation transcript:

Section 6.2 Voidable Contracts and Remedies

Section 6.2 Voidable Contracts and Remedies A contract that seems to be valid can be voided if the agreement is defective.

Section 6.2 Voidable Contracts and Remedies A contract may be defective due to: fraud misrepresentation mistake duress undue influence

Section 6.2 Voidable Contracts and Remedies Fraud is a deliberate deception designed to gain something unfairly and unlawfully.

Section 6.2 Voidable Contracts and Remedies Misrepresentation occurs when a person unintentionally claims something that turns out to be false.

Section 6.2 Voidable Contracts and Remedies A mistake is an error made in a contract. The mistake can be unilateral or bilateral.

Section 6.2 Voidable Contracts and Remedies A unilateral mistake is a mistake made by one of the parties to a contract. When this happens, the party usually cannot get out of the contract.

Section 6.2 Voidable Contracts and Remedies A bilateral mistake is a mistake by both parties to a contract. When this happens, usually either party can get out of the contract.

Section 6.2 Voidable Contracts and Remedies Duress occurs when someone uses force or the threat of force to get someone else to enter into a contract.

Section 6.2 Voidable Contracts and Remedies Undue influence occurs when someone uses a position of power over someone else to persuade that person to enter into a contract.

Section 6.2 Voidable Contracts and Remedies When a contract has been breached, the injured party can seek a remedy. A remedy is a legal means of enforcing a right or correcting a wrong.

Section 6.2 Voidable Contracts and Remedies The injured party can sue for damages or ask the court for an equitable remedy. Damages are usually in the form of money. An equitable remedy usually consists of requiring the other party to complete the contract.