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Chapter 13 - Reality of consent. This chapter explain five doctrines that permit people to avoid their contracts because of the absence of real consent and identify elements: Misrepresentation, fraud, mistake, duress, and undue influence. | Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 3 Introduction to Contracts The Agreement: Offer The Agreement: Acceptance Consideration Reality of Consent Contracts P A R T 3 Capacity to Contract Illegality Writing Rights of Third Parties Performance and Remedies Contracts P A R T Reality of Consent P A E T R H C 13 Necessity never made a good bargain. Benjamin Franklin, 1735 Learning Objectives Explain five doctrines that permit people to avoid their contracts because of the absence of real consent and identify elements: Misrepresentation Fraud Mistake Duress, and Undue influence Contracts induced by mistake, fraud, misrepresentation, duress, or undue influence are generally considered to be voidable Person claiming non-consent has power to rescind (cancel) the contract Person claiming non-consent must not act in a manner to ratify (affirm) the contract Effect of The Five Doctrines Cabot Corporation v. AVX Corporation is a case example | Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 3 Introduction to Contracts The Agreement: Offer The Agreement: Acceptance Consideration Reality of Consent Contracts P A R T 3 Capacity to Contract Illegality Writing Rights of Third Parties Performance and Remedies Contracts P A R T Reality of Consent P A E T R H C 13 Necessity never made a good bargain. Benjamin Franklin, 1735 Learning Objectives Explain five doctrines that permit people to avoid their contracts because of the absence of real consent and identify elements: Misrepresentation Fraud Mistake Duress, and Undue influence Contracts induced by mistake, fraud, misrepresentation, duress, or undue influence are generally considered to be voidable Person claiming non-consent has power to rescind (cancel) the contract Person claiming non-consent must not act in a manner to ratify (affirm) the contract Effect of The Five Doctrines Cabot Corporation v. AVX Corporation is a case example of ratification. A misrepresentation is a false statement and may be negligent (innocent) or fraudulent (made with knowledge of falsity and intent to deceive) Either way, injured party may void (rescind) the contract A person who commits fraud may be liable in tort for damages, including punitive damages Misrepresentation or Fraud? Innocent or fraudulent misrepresentation: Defendant made an untrue assertion of fact Includes active concealment or non-disclosure Fact asserted was material or was fraudulent Fact is material if likely to play significant role in inducing reasonable person to enter the contract Complaining party entered the contract because of reliance on the assertion Elements Concealment example: if Summers offers his house for sale and paints the ceilings to conceal the fact that the roof leaks, his active concealment constitutes an assertion of fact Nondisclosure differs from concealment in that concealment involves the active hiding of a fact, while .
