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BSL 212 Notes Ch. 11

by: Danielle Holmes

BSL 212 Notes Ch. 11 BSL 212

Marketplace > University of Miami > Business > BSL 212 > BSL 212 Notes Ch 11
Danielle Holmes
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Full lecture of notes from Chapter 11
Introduction to business law
Martinez Evora
Class Notes
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This 2 page Class Notes was uploaded by Danielle Holmes on Tuesday April 19, 2016. The Class Notes belongs to BSL 212 at University of Miami taught by Martinez Evora in Fall 2015. Since its upload, it has received 14 views. For similar materials see Introduction to business law in Business at University of Miami.

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Date Created: 04/19/16
Chapter 11 Conduct Invalidating Consent General Rule: Assent must be knowing and voluntary. Four Situations Fail the Test: 1.) Duress: Unlawful act or threat, no free will, no reasonable alternatives. (not valid) Can be physical, a verbal threat, economic coercion*, difficult cause of action. *: hard to prove 2.) Undue Influence (Rea vs. Paulson): unfair persuasion in a dominant position; fiduciary relationship (based off trust.) 3.) Fraud: Fraud in the Execution: Fraud in the Inducement: intentional misrepresentation. The Six Elements of Fraud- 1. False statement: statement (lie) of a fact; said that is not real. (active concealment: not statement; hiding the material fact; when someone has the duty to disclose a material fact.) 2. Fact, not an opinion. 3. Material 4. Made with the intent to deceive. (very hard to prove) 5. Justifiable Reliance(relied on the lie and suffered injuries) 6. Injuries Negligent Misrepresentation: not disclosing important facts/instructions (NOT FRAUD) Innocent Misrepresentation: person who said it was careless. When you have the duty to disclose if three things happen: 1. Gravity of Harm (by not disclosing, you are causing extreme harm.) 2. Unfair to place the burden on the buyer (caveat emptor) “let the buyer beware.” 3. Stability of Contract Has to be balanced. If these are fair, seller doesn’t have to disclose. If they are unfair, seller has to disclose. 4.) Mistake Unilateral Mistake Exception to the Rule Mistake of Law Mutual Mistake of Fact MISTAKE OF FACT -Can be unilateral or mutual. Mutual: both are mislead upon the facts. Both go back to prior positions. Unilateral: only one party is mistaken; not excused from the liability; must perform the right one even if the wrong one has already been performed. Exception: (The Knowledge Exception) When the non mistaking party knew about the mistaking party’s mistake, it is the non mistaking party’s fault and they are liable. 1. Decision: Anita (pg. 220) Rule(s) of Law: You dont have mutual assent if you have duress, undue influence, Fraud or mistake. You are under duress if it is an unlawful act, you have no free will with no reasonable alternative. Application: Barry was not under duress because there was mutual assent between Anita and Barry. Barry had free will because Anita urged Barry to sign which is not an unlawful act. Bamatrry also had five more days and alternatives. 2. Decision: William Rule(s) of Law: You have mutual assent unless one of the four of these is present: duress, undue influence, fraud, or mistake. In order for fraud to be present, you need all six: false statement, not fact (opinion), materiality (+other three). Application: William wins because he only stated he believes the property has doubled, therefore that is an opinion and a fact. That violates one of the conditions of validation, hence fraud.


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