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12 Cards in this Set

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  • Back
Genuine Consent
assent to a contract that is free of fraud, duress, undue influence and mutual mistake
Fraud
A misrepresentation of a significant material fact
1. made with intent to decieve other party
2. reasonably relies upon the misrepresentation of the other party.
3. as a result is injured
(STAMBOVSKY- bought haunted house unknowingly, wanted to sell back when he found out. reputation impaired the value of house. "Caveat emptor: let the buyer beware"
Undue Influence
Mental coercion exerted by one parety over the other party to the contract.
recuirements:
1. Dominant-subervient relationship between constrasting parties (doctor-patient, lawyer-client)
2. must allow one party to influence the other in a coercive way.- people with alzheimers are taken advantage of in this way.
Duress
Any wrongful act or threat that prevents a party from exercising free will when executing a contract. (physical or econominc ruin or public embarrassement threats)
Mistake
-bilateral
-unilateral
Error as to a material fact.
- a mistake made by both parties
-one made by one party to the contract
Comptency
A persons ability to understand the nature of the transaction and consequences of entering into it at the time the contract was entered into.
problems:
-minors
-insanity
-intoxication
Legal Object
Contract subbject matter that is lawful under statuatory and case law.
Statuatory Law
State statuets that forbid wagering agreements (betting) and usurious (exorbitant) finance charges or interest rates on loans as well as those aimed at licensing and regulation have been the source of much adjudication.
(MOORE v MIDWEST DIST.)Contract stated that Moore couldnt solicit or provide contractor services for one year. Provided serices for Jay Goodwin. ruled in favor of moore.
Case Law
Often when there is a question as to whether a contract has a lawful object, statuatory law does not indicate clearly whether the contract is void or enforceable.
Contracts that must be in writing
-sale of land or an interest in land ( and leases for longer than 1 year)
-Contracts to answer for the debt of another
-Contracts not performable in one year
-Sale of goods- $500 or more
UCC 2-201
contracts for the sale of goods of $500 or more fall winthin the Statute of Frauds and must be in writing to be enforced.
exceptions to UCC 2-201
1. one of the parties to a suit admits in writing or in court to the existence of an oral contract.
2. a buyer accepts and uses the goods.
3. the contract is between merchants and the merchant who is sued recieved a written confirmation of the oral agreement and did not object within 10 days.