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BLAW Chapter 14
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involuntary promises (3)
fraud and misrepresentation, difference between duress and undue influence, difference between mutual mistake of fact and a unilateral mistake of fact
fraud
intentional misrepresentation of the material fact made for the purpose of educing the other party to surrender a legal right
misrepresentation
an innocent misrepresentation of a material fact justifiably relied upon is grounds for holding the contractual promise voidable
what is not a misrepresentation
a prediction/opinion of what might happen in the future
due diligence
encourages you to lie
remedy
rescission of the contract or keep the contract and sue for damages
undue influence
weak individual comes across a strong/intelligent person ; remedy available to the elderly, the mentally retarded and the incompetent
peerless case
meeting of the minds with acceptance of the offer
3 types of mutual mistake of fact
(1) contract is ambiguous and subject to two different interpretations
(2) both parties assume that a fact doesn't exist when it does
(3) both parties assume that a material fact exists when it does not
unilateral mistake of fact
only one party has a misunderstanding
Author
abifulco
ID
13643
Card Set
BLAW Chapter 14
Description
Chapter 14 Vocab/Definitions
Updated
2010-04-09T01:21:54Z
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