BLAW Chapter 14

fraud and misrepresentation, difference between duress and undue influence, difference between mutual mistake of fact and a unilateral mistake of fact

intentional misrepresentation of the material fact made for the purpose of educing the other party to surrender a legal right

an innocent misrepresentation of a material fact justifiably relied upon is grounds for holding the contractual promise voidable

a prediction/opinion of what might happen in the future

encourages you to lie

rescission of the contract or keep the contract and sue for damages

weak individual comes across a strong/intelligent person ; remedy available to the elderly, the mentally retarded and the incompetent

meeting of the minds with acceptance of the offer

• (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

only one party has a misunderstanding