Business Law Ch 15 April 21 Notes
Business Law Ch 15 April 21 Notes ACCT 2700 - 001
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This 1 page Class Notes was uploaded by Caspian Roberts on Thursday April 21, 2016. The Class Notes belongs to ACCT 2700 - 001 at Auburn University taught by Robert Hollis Cochran in Fall 2015. Since its upload, it has received 32 views. For similar materials see Business Law in Accounting at Auburn University.
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Date Created: 04/21/16
Chapter 15: Contracts – Mistakes, Fraud, and Voluntary Consent “Luca Brasi held a gun to his head and my father assured him that either his brains, or his signature, would be on the contract.” - Michael Corleone to Kay The Godfather (1972) “I’m going to make I’m an offer he can’t refuse” - Vito Corleone Introduction: Contract may be unenforceable if the parties have not genuinely assented to its terms by: o Mistake o Misrepresentation o Undue Influence o Duress Mistakes: A unilateral mistake is when one party makes a mistake. We usually don’t let them out of the contract. They only get off the hook if the other party knew there was going to be a mistake and said nothing A mistake of Fact might allow a contract to be cancelled Unilateral Mistakes cannot be canceled unless: o If other party to contract knows or should have known that a mistake of fact was made, or o If mistake was due to an inadvertent mathematical and without gross negligence Bilateral (mutual) mistakes can ve rescinded by either party o Ex: Raffles v Wichelhaus Mistakes of Value o Generally, contract is enforceable by either party. Innocent Misrepresentation: An innocent misrepresentation occurs when a person makes statement he believes to be true but actually misrepresents facts o Innocent party can rescind contract, but usually cannot seek damages Duress: Party who enters into a contract under fear or threat makes the contract VOIDABLE
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