Chapter 7 buisness law presentation

Undue Influence And Assent
Occurs when one party to the
contract is in a position of trust and wrongfully
dominates the other party.
Relationship of trust, confidence or authority must exist
between parties of contract
Stronger party should act with complete honesty
Types Of Contractual Mistakes
Occurs when only one party
holds an incorrect believe about the facts or laws
related to the contract.
Both parties
have an incorrect belief about an important fact or the
applicable law.
important facts that influence the
party’s decisions about a contract.
In contract
negotiations parties make statements that turn out to be
If the seller knows
that the statement is untrue.
Untrue Statements of Fact
Substitutes false
statement for fact.
 Omits
important information
 True statement is made false
 Party knows a false assumption
Fraud And Remedies For Fraud
When a person deliberately lies or conceals
a material fact.
Based on same elements from misrepresentation along with
two additional elements, which are intent and injury
 Rescission
 Damages
 Punitive