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Contractual Intent

Contractual Intent. The parties to the contract must actually intend to enter into a contract for the same bargain at the same time. This is called the “meeting of the minds.”. Fraud. Five elements of contractual fraud: The misrepresentation of a material fact

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Contractual Intent

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  1. Contractual Intent The parties to the contract must actually intend to enter into a contract for the same bargain at the same time. This is called the “meeting of the minds.”

  2. Fraud Five elements of contractual fraud: • The misrepresentation • of a material fact • made with the intent to deceive and • relied on by the other party • to his or her detriment

  3. Duress Duressmeans that some form of force or coercion exercised over one party to the contract in order to induce that party’s promise to contract

  4. Forms of Duress • Physical duress • Economic duress • Mental duress

  5. Mistake Mistake occurs when one (or both) of the parties is under a misconception as to the subject matter of the contract.

  6. Categories of Mistake • Mutual mistake: this type of mistake goes to a basic assumption of the agreement, the mistake has a material adverse effect on the parties, and the mistake was of the type that could not be foreseen. • Unilateral mistake: concerns a situation in which only one party to the contract is mistaken because of some typewritten or computation error.

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