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Chapter 6 Genuine Agreement
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Fraud A deliberate deception to secure an unfair or unlawful gain May rescind (cancel) the contract or sue for damages May also collect punitive damages which are a way to punish the wrongdoer
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For a successful lawsuit, you must have…
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False Representation of Fact Material Fact: one of importance Excludes Sales Puffery Concealment: not saying something that they should say ** Especially important when you are considered an expert. **
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Representation Known to be False The parties must know the fact is not true. p.130 Example 1
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False Representation Intended to be Relied Upon It must be information or facts that the parties can reasonably rely upon.
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False Representation Actually Relied Upon
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Resulting Loss Must have a monetary loss.
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Innocent Misrepresentation When the person actually believes a fact is true, but it is not. An injured party may rescind the contract p. 132 Example 4
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Mistake
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Unilateral Mistake An error on the part of one of the parties to the contract This is NOT a reason to get out of the contract. Two types of Unilateral Mistakes…
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Mistake in the Nature of the Agreement Both parties are responsible for contract when signed, even if they have not read it.
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Mistake in the Identity of a Party This MAY be cause for voiding a contract. This is not the case in a face-to-face meeting. p. 134 Example 6
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Bilateral Mistake Both parties are mistaken about some important fact Possibility of Performance Both parties believe it can be performed when it cannot. Subject Matter When both parties are mistaken as to the identity of the subject matter
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Duress Use of force or by threat of force or bodily harm These are either void or voidable Physical force – void Threat of force – voidable Economic Duress: threats to a person’s business or income
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Undue Influence Unfair and improper persuasive pressure exercised by one person in a relationship of trust with another person. i.e.: poor health, old age, mental immaturity
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