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18 Cards in this Set
- Front
- Back
Misrepresentation Definition |
afalse statement of fact |
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•Misrepresentation is different from________ |
Opinion |
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Misrepresentation Vs Opinion |
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Define Recession |
Rescission frees partied from their obligations |
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If a person is induced intoa contract bymisrepresentation thenthey may have the opportunity to ________ the contract
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Rescind |
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Rules of Rescission |
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When a person has the opportunity to rescind the contract is _______________ but party can still __________ the contract if they want |
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Can a party lose its right to rescission ? |
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Rescission situation must be able to return to its _____________ state |
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Thefalse statement may also be a ________ of the contract |
e.g. Soil Conditions |
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In a situation where a party is misled they can claim a _______ of _________ as well as pursue ___________ |
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Are breach of contract and rescission the same? |
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Innocent Misrepresentation |
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Fraudulent Misrepresentation |
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Negligent Misrepresentation Occurs when |
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Principles of negligent Misrepresentation come from ____________ _____________ case |
Hedly Byrne |
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Example if negligent misrepresentation |
•Engineerfailedto include information in bid package that would influence contractor’sdecision to bid •Designinaccuraciesrelied upon by bidding contractors |
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Summary |
•Misrepresentation is a false statement offact •If a person is induced into a contract bymisrepresentationtheycan rescindthecontract •Rescissionreturns the parties to the position they were in before the contract•Once you learn the truth you must actquickly and reject benefits to obtain rescission •Situation must be capable of being returned to itspre-contract state to obtain rescission•Innocent, fraudulent* and negligent* misrepresentation •*Damagesmaybe obtainable in addition to rescission •Disclaimer clauses can protect againstnegligent misrepresentationcom,goldenline.pl,wiki.mikejung.biz,naveen |