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7 Cards in this Set
- Front
- Back
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Innocent Misrepresentation
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as assertion, which is not intentionally deceptive, that is not in accordance with the truth. Remedy is rescission.
Elements: (1) Untrue Assertion of Fact (2) the fact asserted was material (3) the complaining party entered the contract with a reliance on said assertion (4) reliance of party was reasonable |
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Fraud
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An intentional misrepresentation of the truth. remedy is rescission.
(1) Untrue Assertion of Fact (2) the fact asserted was material (3) the complaining party entered the contract with a reliance on said assertion (4) reliance of party was reasonable (5) INJURY |
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Mistake
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When one or both of the parties in contract is/are wrong about an important fact or component.
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Duress
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Elements:
(1) contract was educed by an improper threat (2) the victim has no reasonable alternative but to enter the contract. |
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Undue Influence
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unfair pursuasion.
elements: (1) the relationship between the parties is either one of trust and confidence or one in which the person exercising the persuasion dominates the person being persuaded. (2) the persuasion is unfair. |
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Void
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A contract that does not have legal standing. Most contracted must be voided. Just because a contract is voidable doesn't make it void.
*intent is key |
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Voidable
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A contract which could be avoided if the party at least advantage decides to do so.
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