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unilateral mistakes
when only one party is mistaken about a material fact regarding the subject matter of a contract
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legal consequences of unilateral mistake
- 1. general rule; mistaken party not allowed to rescind
- 2. exceptions; other party took advantage, clerical or mathematical error, unconscionable
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mutual mistakes of fact
both parties mistaken about the essence or object of a contract, either rescind
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mutual mistake of value
both parties know the object of a contract but are mistaken as to its value, niether may rescind
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elements of fraud
- false representation of material fact
- intent to decieve
- relied on misrepresentation
- injured
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legal consequence for fraud
- rescind contract and obtain restitutions
- enforce contract and sue for damages
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fraud in the inception
innocent person decieved as to the nature of act
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fraud in the inducement
fraudulantly induces another party to enter into a contract
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fraud by concealment
takes specific action to conceal fact
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silence as misrepresentation
wrongdoer remains silent when under legal obligation to disclose a fact
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misrepresentation of law
professional who should know law intentionally misrepresents law
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innocent misrepresentation
when unintentionally make assertaion not witth facts, innocent party may rescind contract but not recover damages. not fraud
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undue influence
one person takes advantage of another persons mental, emotional, or physical weaknessand unduly persuades a person to enter a contract, unenforceable
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elements of undue influence
- fiduciary or confidential relationship existed between parties
- dominant party used unfluence
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duress
occurs when one party threatens to do some wrongful act unless other party enters a contract, unenforceable, physical duress and extortion
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economic duress
refusal to perform contractual duties unless contract or other changes, must prove no other options
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promissory estoppel
equitable doctrine that prevents the application of the statute of frauds. permits the enforcement of oral contracts that should otherwise be in writing under the statute of frauds to prevent injustice or unjust enrichment
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parol evidence rule
if a written contract is a complete intergration, any prior contemporaneous oral or written statements are inadmissible as evidence to alter or contradict the terms of the written contract
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exceptions to parol evidence rule
- prove mistake, ect
- ambiguous language
- prior dealing between parties
- fill in gaps of contract
- correct obvious clerical or typographical errors
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bilateral mistake
must be material to void
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collateral promise
must be in writing, unless benefit
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exceptions to illegal contracts
- justifiable ignorance
- fraud, duress, etc
- protected class
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