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8 Cards in this Set
- Front
- Back
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Bilateral mistakes of fact
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occurs when both parties are mistaken as to an existing material of fact
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Unilateral mistakes of fact
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occurs when only one party is mistaken as to an existing material of fact.
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Scienter
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guilty knowledge, signifies that there was an intent to deceive
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Innocent misrepresentation
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a person makes a statement that she or he believes top be true but that actually misrepresents material facts
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Negligent Misrepresentation
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a person fails to exercise reasonable care in uncovering or disclosing the facts or does not use the skill and competence that her or his business or profession requires.
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Three elements necessary to establish fraudulent misrepresentation
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1. Misrepresentation of material fact has occured.
2. There has been an intent to deceive. 3. The innocent party has justifiable relied on the misrepresentation. |
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Undue influence
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arises from special relationships such as fiduciary relationships in which one party's free will has been overcome by the undue influence of another. Usually, the contract is voidable
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Duress
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defined as forcing a party to enter into a contract under fear of threat. The party forced to enter into the contract can rescind the contract
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