zasha
Uploaded by
12 SLIDES
269 VUES
120LIKES

Understanding Genuine Assent in Contract Law: Key Concepts and Legal Implications

DESCRIPTION

This chapter delves into the essential elements of genuine assent in contract law, examining how true and complete agreements are determined. It covers various types of agreements, such as valid, void, voidable, and unenforceable contracts, along with circumstances like duress and undue influence that can affect agreement validity. The chapter also highlights mistakes in contracts, including unilateral and mutual mistakes, as well as misrepresentation, both innocent and fraudulent. Remedies for breaches and misrepresentations are discussed, providing a comprehensive overview of contract law.

1 / 12

Télécharger la présentation

Understanding Genuine Assent in Contract Law: Key Concepts and Legal Implications

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Chapter 7 Genuine Assent- • Determining whether a true and complete agreement exists

  2. Terms to consider: • Valid • Legally binding enforceable agreement • Void • Unenforceable by law • Voidable • The right for an injured party to backout • Rescission • The right for an injured party to get back consideration • Ratification • Conduct suggesting the injured party intends to be bound to a contract

  3. Duress- improper threats or acts to obtain an agreement (voidable) • Threats of illegal conduct • A criminal or civil wrong to create an agreement • Threats to report crimes • Used to coerce the criminal to create an agreement • Threats to sue • Threat of an unrelated lawsuit to create an agreement • Economic threats • Using economic power over another to create an agreement • Courts look at the threat and alternatives to see if Duress exists

  4. Undue Influence- One party is in a position of trust and wrongfully dominates the other • 2 components analyzed by law: • The relationship • Unfair persuasion

  5. Mistakes in contracts • Unilateral mistake • One party holds an incorrect belief about the terms of a contract • If misrepresentation or fraud is not present, the contract is considered valid • Recognized unilateral mistake • The other party should bring mistake to light • Courts may grant rescission

  6. Mistakes in contracts • Induced unilateral mistake • The other party has encouraged the mistake • Voidable • Ex. Cubic zirconia in a tray of diamonds • Mutual (bilateral) mistake • Both parties hold an incorrect belief about the terms of a contract • Void if: • Material fact (important) • Not applicable to the law (ignorance of law is not a defense)

  7. Misrepresentation in contracts • Innocent misrepresentation • Party unknowingly misrepresented information • Fraudulent misrepresentation • Party knowingly misrepresented information Both forms make a contract voidable

  8. Elements of innocent misrepresentation: • 1. Untrue statement of fact • Based on past or existing information • Fact rather than opinion • Experts opinion can be viewed as fact • Active concealment- substitute for false statement • Silence- contracts require full disclosure • Ex. Last night’s flood

  9. Elements of innocent misrepresentation: • 2. Materiality- significant information • Three ways statement can be material • A. statement would cause a reasonable person to contract • B. statement was important to contract • C. defendant knew statement was false (makes it material regardless of importance)

  10. Elements of innocent misrepresentation: • 3. Reasonable reliance- victim relied on the statement • Ex. Seller says one thing, but inspection proves it wrong (no reliance)

  11. Elements of fraud • The prior three elements along with the following are necessary to prove fraud • 4. Intent to deceive • 5. Injury resulted from the misrepresentation

  12. Remedies: • Innocent misrepresentation- usually results in rescission • Fraud- • Rescission • Compensatory damages • Compensation for loss • Punitive damages • To deter the defendant from injuring again

More Related