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16 Cards in this Set
- Front
- Back
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Bilateral mistake
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mutual misunderstanding concerning a basic assumption on which the contract was made **IE** Jeb tells sam he will buy good delivered by 3- jeb means 3am sam thinks 3pm- the goods are late and jeb does not want to purchase goods anymore=the contract is rescinded because of mistake.
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Unilateral mistake
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When one party makes a mistake- generally contract is still enforceable UNLESS other party was aware of mistake, or mathematical error (without GROSS negligence) **IE** stan wants to sell car for 3200 but faxes offer to ryan for 2300- stan is still bound by contract even though there was a mistake..unless ryan was aware of stan intention to sell car or there was a reasonable math error.
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liable
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a
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rescind
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a
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scienter (silence)
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a
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material facts
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is an event, occurrence, fact, or information that causes someone to act in a certain way- ie to enter into a contract.
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immaterial facts
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a
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fraud--silence
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a
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mistake
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a
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puffery
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a
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unconscionable
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a
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duress
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a
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undue influence--requirements
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a
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mutual assent
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a
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Writing requirements
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a
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signature
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a
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