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Genuine Agreement

Genuine Agreement. A valid offer has been made by the offeror, and a valid acceptance has been exercised by the offeree. Mistake. Unilateral Mistake An error on the part of one of the parties Cannot get out of contract Types: Nature of the Agreement

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Genuine Agreement

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  1. Genuine Agreement A valid offer has been made by the offeror, and a valid acceptance has been exercised by the offeree

  2. Mistake • Unilateral Mistake • An error on the part of one of the parties • Cannot get out of contract • Types: • Nature of the Agreement • Signing a contract you don’t understand or have not read • This applies to signing a contract in a language you don’t understand • Identity of a Party • Bound by contract with face to face meetings • May be able to void a contract made NOT face to face

  3. Bilateral Mistake (Mutual Mistake) • Both parties are mistaken • Types: • Possibility of Performance • Contract is impossible to perform Either party can void contract • Subject Matter • Either party can void contract

  4. Fraud • Deliberatedeception for an unfair or unlawful gain • Define each word in bold

  5. Deliberate: Done with or marked by full consciousness of the nature and effects; intentional • Deception: The fact or state of being deceived • Gain: To secure as profit or reward • In order to prove fraud, you must prove the above 3 definitions

  6. Proving Fraud: • False Representation of Fact • Must be a material (important) fact • Concealment (nondisclosure) may be considered false representation • Representation Known to be False • False Representation Intended to be Relied Upon • False Representation Actually Relied Upon • Resulting Loss

  7. Innocent Misrepresentation • Make an innocent statement of supposed fact that turns out to be false • Injured party has the right to rescind (take back) the offer No rights to damages

  8. Duress • Overcoming a person’s will by use of force or by threat of force or bodily harm • Economic Duress • Threats to a person’s business or income • Actual physical harm will void the contract • Threat of physical harm will make contract voidable • A threat of exercising one’s legal right is NOT duress Ex Threatening to sue someone and you have right to sue, is NOT duress

  9. Undue Influence • Unfair and improper persuasive pressure within a relationship of trust

  10. Doctor Lawyer Parents Teacher Student Children Client Patient Match the column on left with who they have undue influence over in the right column? Answers: 1-4, 2-3, 3-2, 4-1

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