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BUL 4421 Final - FAU Gendler Chapter 17
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BUL 4421 Final - FAU Gendler Chapter 17
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BUL 4421 Final - FAU GendlerChapter 17
CHAPTER 17 - -Legal Assent
- Legal Assent (Define) - -Offer and acceptance; both parties agree to do the
same thing.
- Legal Assent is a promise - -courts will require parties to obey
- Without it, the contract may be - -voidable, a circumstance that can cost a
business large profits when the transaction is significant.
- A voidable contract can be - -rescinded, or canceled; permitting the
person who canceled the contract to require the return of everything she
gave the other party
- Unilateral mistake - -Results from one party having an error about
material facts.
Mistaken party can rescind or reorganize the contract.
- Unilateral mistake generally does - -not void a contract; courts are
hesitant to interfere when one of the parties has a correct understanding of
the material facts of the contract.
- Mutual Mistakes - -Both parties have errors of material fact.
- Under a mutual mistake, rescission is - -fair because any agreement was
an illusion: Ambiguity prevented a true meeting of the minds.
- Misrepresentation - -An untruthful assertion about a material fact. This
- Misrepresentation prevents - -a mental agreement necessary for a legal
contract.
- misrepresentation contracts lack - -(cont.) legal assent
- Types of Misrepresentations (3): - -1. Innocent
2. Negligent
3. Fraudulent
- Innocent misrepresentation - -Results from a false statement about a fact
material to an agreement that the party making it believed to be true
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