Genuiness of Assent and undue influence
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| This is where one or both of the parties to a contract have erroneous belief about the subject matter, value, or some other aspect of the contract. | show 🗑
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| This occurs when only one party is mistaken about a material fact regarding the subject matter of the contract. | show 🗑
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| What are the 3 types of situations where a contract is not enforced due to a unilateral mistake? | show 🗑
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| show | Material fact
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| show | mutual mistake of a past or existing material fact.
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| This exists if both parties know the object of the contract but are mistaken to its value. | show 🗑
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| This is an intentional misrepresentation when one person consciously decides to induce another person to rely and act on a misrepresentation. | show 🗑
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| What must be shown to prove contract fraud? | show 🗑
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| show | Misrepresentation
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| show | Scienter (guilty mind)
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| show | Intent to deceive
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| A misrepresentation is not actionable unless the innocent party to whom the misrepresentation was directed acted on it. | show 🗑
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| To recover damages, the innocent party must prove that the fraud caused him or her economic what? | show 🗑
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| show | Fraud in the inception or fraud in the factum
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| show | Fraud in the inducement
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| show | Fraud by concealment
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| show | 1) there is a fiduciary relationship between contracting parties 2) nondisclosure would cause bodily injury or death 3) federal and state statutes require disclosure
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| This representation refers to the fact that the innocent party cannot generally rescind the contract because each party to a contract is assumed to know the law of the transaction. | show 🗑
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| This, not being fraud, occurs when a person makes a statement of fact that he or she hoenstly and reasonably believes to be true even though it is not. One can rescind the contract but not sue. | show 🗑
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| show | Duress
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| show | undue influence
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Created by:
rogue2281