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Chapter 7 Genuineness of Assent

Chapter 7 Genuineness of Assent. 7-1 Duress and Undue Influence 7-2 Mistake, Misrepresentation, and Fraud. 7-1 Duress and Undue Influence. GOALS Recognize when genuine assent is not present Identify the two key elements in undue influence. GENUINE ASSENT AND DURESS. Genuine assent

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Chapter 7 Genuineness of Assent

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  1. Chapter 7Genuineness of Assent 7-1 Duress and Undue Influence 7-2 Mistake, Misrepresentation, and Fraud Chapter 7

  2. 7-1 Duress and Undue Influence GOALS • Recognize when genuine assent is not present • Identify the two key elements in undue influence Chapter 7

  3. GENUINE ASSENT AND DURESS • Genuine assent • Duress • Threats of illegal or tortious conduct • Threats to report crimes • Threats to sue • Economic threats Chapter 7

  4. List the various forms of legal duress. Chapter 7

  5. UNDUE INFLUENCE AND ASSENT • The relationship • Unfair persuasion Chapter 7

  6. What are the key elements in undue influence? Chapter 7

  7. 7-2 Mistake, Misrepresentation, and Fraud GOALS • Recognize the types of mistakes that can make a contract voidable or void • List the criteria for a statement to be treated as a misrepresentation • Define fraud and describe the remedies for it Chapter 7

  8. WHAT ARE THE TYPES OF CONTRACTUAL MISTAKES? • Unilateral mistakes • Mutual mistakes Chapter 7

  9. Name the types of mistakes that can make a contract voidable or void. Chapter 7

  10. WHAT IS MISREPRESENTATION? • Untrue statement of fact • Active concealment • Silence • Materiality • Reasonable reliance Chapter 7

  11. What are the three criteria for a statement to be treated as a misrepresentation? Chapter 7

  12. FRAUD AND REMEDIES FOR FRAUD • The misrepresentation must be intentional or reckless • The misrepresentation or concealment must injure Chapter 7

  13. REMEDIES FOR FRAUD • Rescission • Damages • Punitive damages Chapter 7

  14. What are the remedies available for fraud? Chapter 7

  15. PREVENT LEGAL DIFFICULTIES In making contracts . . . • Research important transactions before entering into them. Verify claims of the seller by outside means or through firsthand personal experience. • Do not rush into a decision. Take time to review and understand the advantages and disadvantages of the proposed contract. Legitimate proposals will usually survive a delay. Continued on the next slide Chapter 7

  16. PREVENT LEGAL DIFFICULTIES • Do not hesitate to ask questions about vague or uncovered issues. Forcing the other party to make statements about them may lay the groundwork for proving fraud or misrepresentation later. • If the other party does not properly answer your questions, proceed with great caution or abandon the negotiations. • If you believe you have been defrauded, act promptly to rescind the contract. Chapter 7

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