Term
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Definition
when a victims volition is overcome by fear.
Makes contract voidable |
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Term
| Factors considered when testing for duress: |
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Definition
| economic stress, fear of loss of life/limb |
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Term
| Fraud and innocent misrepresentation |
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Definition
| volition is overcome by deceit |
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Term
| What action is taken when fraud in the execution (inception) is proven? |
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Definition
| contract is void because of lack of mutual assent |
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Term
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Definition
| is voidable and victim has cause of action for money damages for rescission |
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Term
| Elements of fraud in the inducement: |
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Definition
| 1.Misrepresentation of fact that is 2.material, made with 3.fraudulent intent 4.victim justifiably relies to his/her damage |
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Term
| Are damages necessary when rescission is the only relief being sought? |
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Definition
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Term
| What type of test is whether the fear is enough to constitute duress? |
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Definition
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Term
| What are statements of value considered? |
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Definition
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Term
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Definition
| the perp. doesn't know the answer but affirms one anyway |
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Term
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Definition
| relationship between two parties one weaker and one dominant. Weaker party believes that dominant party will act in the weaker's best interest. |
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Term
| Two types of Fiduciary relationships |
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Definition
| principal/agent, trustee/beneficiary |
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Term
| Characteristics of mutual and unilateral mistakes |
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Definition
| exists during mutual assent; if no understanding is reached contract is void; voidable if all other elements are present |
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Term
| Statute of frauds states what? |
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Definition
| that if a contract fits into one of the categories then the punishment must be signed by the affected party |
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Term
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Definition
| promise by executor; promis of guaranty; promise made on consideration of marriage; promise to sell land; promise impossible to fully perform within one year; sale of goods over $500; contract for lease of goods over $1000. |
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Term
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Definition
| cosigning on some one else's debt |
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Term
| Promise made on assumption of marriage |
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Definition
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Term
| Promise to sell land or an interest in land |
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Definition
| has an exception: an oral agreement makes it un-enforceable. The equitable doctrine of part performance |
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Term
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Definition
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Term
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Definition
| applies to integrated contracts; if merger clause is present then anything extrinsic to the document is inadmissible |
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Term
| Exception to the Parol evidence rule |
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Definition
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Term
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Definition
| mutual rescission; operation of law; conditions; performance; impossibility to perform; frustration of purpose rule; breach of contract (material or otherwise) |
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Term
| Three types of conditions |
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Definition
| conditions precedent; condition subsequent; concurrent dependent conditions |
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Term
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Definition
| absolute performance and substantial performance |
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Term
| subjective impossibility to perform |
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Definition
| doesnt quantify impossibility to perform |
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Term
| objective impossibility to perform |
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Definition
| required to discharge a contract |
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Term
| 5 Categories of objective impossibility to perform |
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Definition
| 1.death or illness or injury 2.Subjects essential to performing task is lost, stolen or damaged. 3.Subsequent illegality 4.Conditions essential to the contract being performed currently do not exist 5.Commercial impracticality |
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Term
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Definition
| when both parties share a base purpose for the contract and the purpose is frustrated then it is discharged |
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Term
| 6 types of remedies at law: |
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Definition
| 1.nominal damages 2.compensatory damages 3.consequential damages 4.duty to mitigate 5.liquidated damages 6.Punitive or exemplary dmages |
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Term
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Definition
| duty of the non-breaching party to mitigate damages |
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Term
| Characteristic of Remedies at law: |
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Definition
| predominantly money damages |
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Term
| Categories that fall under Punitive remedies: |
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Definition
| Fraud (both actual and constructive) Intentional interference with contractual relations; bad faith |
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Term
| When are equity damages valid |
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Definition
| when there is inadequacy of remedy at law |
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Term
| Types of equity damages awarded |
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Definition
| injunction; specific performance; accounting, reformation, rescission; quasi contract |
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