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Chpater 13 provides knowledge of reality of consent. In this chapter, students will be able to 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 Introduction to Contracts The Agreement: Offer The Agreement: Acceptance Consideration Reality of Consent 3 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Contracts Capacity to Contract Illegality Writing Rights of Third Parties Performance & Remedies 3 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Reality of Consent P A E T R H C 13 “Necessity never made a good bargain.” Benjamin Franklin, 1735 Learning Objectives Five doctrines that permit people to avoid their contracts because of the absence of real consent: Misrepresentation Fraud Mistake Duress, and Undue influence 13 - 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 Doctrines . | Contracts Introduction to Contracts The Agreement: Offer The Agreement: Acceptance Consideration Reality of Consent 3 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Contracts Capacity to Contract Illegality Writing Rights of Third Parties Performance & Remedies 3 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Reality of Consent P A E T R H C 13 “Necessity never made a good bargain.” Benjamin Franklin, 1735 Learning Objectives Five doctrines that permit people to avoid their contracts because of the absence of real consent: Misrepresentation Fraud Mistake Duress, and Undue influence 13 - 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 Doctrines 13 - A misrepresentation is a false statement and may be negligent (innocent) or fraudulent (knowledge of falsity and intent to deceive) Elements: Defendant made an untrue assertion of fact Fact asserted was material or was fraudulent Complaining party relied on the assertion Reliance of complainant was reasonable Fifth element for fraud: injury Misrepresentation or Fraud? 13 - Elements of innocent or fraudulent misrepresentation: Defendant made an untrue assertion of fact Includes active concealment or non-disclosure 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 nondisclosure is the failure to volunteer information Fact asserted was material or was fraudulent Fact is material if likely to play significant role in inducing reasonable person to .
