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Ch 12: Defenses to contract Enforceability

Terms in this set (15)

(T/F) Voluntary Consent may be lacking because of mistake, fraudulent misrepresentation, undue influence, or duress
True
(T/F) Only mistake of value may allow contract to be voided
False, only mistake of fact
Unilateral Mistake
When one party is mistaken as to material of fact, a fact important to subject matter of contract
Bilateral Mistake
When both parties are mistaken about the same material fact
Misrepresentation by Conduct
when party takes specific action to conceal a fact that is material to the contract
Scienter
Knowledge by the misrepresenting party that material facts have been falsely represented or omitted with intent to deceive
Undue Influence
one party greatly influence another, overcoming party's free will
Contracts involving interests of Land
Involves, buildings, crops, vegetation, minerals, etc.
One Year Rule
Runs the day after contact is made
Collateral Promise
Made by a third party to assume debts or obligations of primary party to contract if party does not perform
What constitutes sufficiency of writing?
Confirmation, invoice, sales slip, check, fax, email
What must be contained in writing?
Memorandum or note evidencing the oral contract need only contain essential terms of contract
Parcle Evidence Rule
Rule of contracts under which court will not receive into evidence the parties prior negotiations, agreements, if evidence contradicts or varies terms of parties written contract
Fraudulent Representation involves:
Misrepresentation of material fact, intent to deceive, party must rely on misrepresentation
Integrated Contract
Written contract that constitutes the final expression of the parties' agreement . If contract is integrated, evidence extraneous to contract that contradicts or alter meaning of contract is any way is inadmissible
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