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CHAPTER 7 Genuineness of Assent. 7-1 Duress and Undue Influence 7-2 Mistake, Misrepresentation, and Fraud. 7-1 Duress and Undue Influence. GOALS Recognize when genuine assent is not present Identify the two key elements in undue influence. FOCUS. Scenario

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chapter 7 genuineness of assent

CHAPTER 7Genuineness of Assent

7-1 Duress and Undue Influence

7-2 Mistake, Misrepresentation, and Fraud

7 1 duress and undue influence
7-1 Duress and Undue Influence

GOALS

  • Recognize when genuine assent is not present
  • Identify the two key elements in undue influence

Chapter 7

focus
FOCUS

Scenario

  • The Thompsons were told that if they did not sign a contract to repay a $2,000 loan at 40 percent interest, their son would be in danger of physical harm. Afraid that their son would be hurt, the Thompsons signed the contract.

Questions

  • Is the contract enforceable?
  • Why or why not?

Chapter 7

genuine assent and duress
GENUINE ASSENT AND DURESS
  • Genuine assent
  • Duress
    • Threats of illegal conduct
    • Threats to report crimes
    • Threats to sue
    • Economic threats

Sign this or else!!

Chapter 7

undue influence and assent
UNDUE INFLUENCE AND ASSENT

Undue influence is wrongfully dominating another party when you are in a position of trust.

  • The relationship
  • Unfair persuasion

Chapter 7

7 2 mistake misrepresentation and fraud
7-2 Mistake, Misrepresentation, and Fraud

GOALS

  • Recognize the types of mistakes that can make a contract voidable or void
  • List the criteria for a statement to be treated as a misrepresentation
  • Define fraud and describe the remedies for it

Chapter 7

focus1
FOCUS

Scenario

  • Jane contracts with Mike to purchase one of his two skateboards. Jane thinks she has bought the red one, a premier skateboard. Mike thinks Jane has bought the blue one, his less valuable skateboard.

Question

  • Does a contract exist?

Chapter 7

what are the types of contractual mistakes
WHAT ARE THE TYPES OF CONTRACTUAL MISTAKES?
  • Unilateral mistakes: only one person is mistaken (see What’s Your Verdict)
  • Mutual mistakes: neither party reallyunderstands thecontract details

BOTH OF THESE TYPES OF MISTAKES DO NOT NECESSARILY INVALIDATE THE CONTRACT!!!

what is misrepresentation
WHAT IS MISREPRESENTATION?
  • Untrue statement of fact
    • Active concealment: concealing something in order to substitute for a statement of fact (i.e. paint over a huge crack in the wall in order to sell a house)
    • Silence: three situations when you HAVE to break silence
      • Omitting important info
      • True statement is made false
      • When seller knows buyer has made a basic mistaken assumption

Chapter 7

what is misrepresentation cont
WHAT IS MISREPRESENTATION? (cont)
  • Materiality: 3 ways untrue statement can be material
    • Statement causes person to contract (i.e. miles on a vehicle vs. miles since rebuilt)
    • Defendant knows plaintiff would rely on the statement (i.e. plaintiff buys car based on maintenance record and seller mis-stated maintenance)
    • Defendant knew the statement was false
  • Reasonable reliance: no misrep. Unless defendant relied on information

Chapter 7

fraud
FRAUD
  • The misrepresentation must be intentional or reckless: deliberately lied or concealed fact
  • The misrepresentation or concealment must injure: proof of injury (i.e. purchased a car for $10,000 that had an unknown defect and was actually worth $5,000)

SEE HERE!!

Chapter 7

remedies for fraud
REMEDIES FOR FRAUD
  • Rescission: rescind the contract and get money or item back
  • Damages: Recover actual damages
  • Punitive damages:damages awardedin order to preventfrom happeningagain.

Alaska Fraud Protection

Chapter 7

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