Elements
I am the 2 elements needed in addition to Misrepresentation to prove a case of fraud
Intent to deceive and intent to injure
If a Bilateral Mistake occurs, what happens to the contract?
Void
Aiden wants to fill a collection of baseball cards he has been collecting since he was 10. Aiden has 24 out of the 25 players from the set he is trying to fill. The set is the 1984 Detroit Tigers World Series team. Aiden only needs the Rusty Kunz card and learns Kazi has one, but its also signed by Rusty. Aiden asks Kazi "Are you sure its his signature?" and Kazi says "Yeah, I got it from my high school teacher who is the biggest Tigers fan alive". Aiden buys it only to learn the signature is not real. What took place that you can prove and what can Aiden ask for?
Misrepresentation and rescission
I am a situation where a party has a relationship with someone and they use this relationship to get me to do something I do not want to do
Undue Influence
This means anything important in a contract
Material
In a case of Misrepresentation, there are 3 elements needed to prove it occurred including false statement of fact or active concealment and material. Which element is missing?
Used false information to make your decision
If a Unilateral Mistake occurs, which party to the contract has the right to rescind the agreement, if they choose to do so?
Injured party
Natalie is looking for a pair of Jaxon Socks as she is starting to run on the track team. Natalie learns these socks have extra padding and support the heals of her feet very well. When at the store, Natalie finds the shelf where these socks are located, grabs a pair without reading the label and after buying them, learns these are the winter socks with heating elements in them, not the extra support runners socks. What took place that you can prove and what can Natalie ask for?
Unilateral Mistake and nothing
I am the type of duress where a party makes a threat in which they are not serious as they do not plan to do what they are threatening, making it illegal
Threat to sue
This is when a seller passes on information to a buyer that is untrue, but the seller is unaware its untrue
Innocent Misrepresentation
In a case of Undue Influence, these are the 2 elements needed to prove your case.
Relationship and unfair persuasion
If a person proves they are a victim of Misrepresentation, what can they ask for?
Rescission only
Brooke works for old man Gordon and his shipping yard. Gordon tells all his employees "Get the shipment out and to the customer in 24 hours or look for a new job!" Brooke gets an order from a Hello Kitty collector named Mya who wants an original Kitty outfit signed by old school master Ky. Brooke tells old man Gordon "The item came but its not signed" and Gordon says "YOU sign it and send it." Brooke says "I can't do that, its fraud" and old man Gordon says "Do it or you lose your $150,000 a year job!". If Brooke signs the item and later regrets lying to a customer, what can she claim took place and does she have what is needed to prove it?
Undue Influence and Yes (Relationship and Unfair Persuasion)
What do you lose if you are a victim of Genuine Assent missing from a contract?
Choice
This is the type of damages meant to punish a defendant
Punitive
In a case of Misrepresentation, there are 3 elements needed to prove it occurred including using bad information given to you to make your decision and material. Which element is missing?
False statement of fact or active concealment
If a buyer of a good at a store makes a unilateral mistake, what can they legally ask for?
Nothing
Leo inherits a collection of Old West belt buckles, pickle barrels and even an expensive horse saddle originally owned by Buffalo Bill, from his grandfather. Leo has the items appraised only to learn the Buffalo Bill saddle is a fake and his grandfather never knew it. Leo puts the saddle up on Craigslist for $35,000 as a "Original Buffalo Bill owned saddle". Leo gets a call from a buyer named Brendan who says "How are you sure this was Buffalo Bills?" and Leo says "I had it appraised and it came back as authentic, plus can't you see I am a real cowboy; Of course I would know". If Brendan buys it, what can you prove took place and what can Brendan ask for as restitution?
Fraud and Compensatory damages-rescission, possibly punitive
I have a responsibility to report this, which is why I cannot use it as a threat to force someone to do something they do not want to do
Threat to report a crime
Mistakes are based on _______, but Misrepresentation is based on ____________
Beliefs, facts
Name all 5 elements needed to prove a case of fraud?
1. False statement of fact, Active Concealment
2. Material
3. Used false info to make decision
4. Intent to deceive
5. Intent to injure
If a party is a victim of fraud, what are the 3 things they can ask for?
Rescission, Compensatory damages and punitive damages
Emma, who owns a successful restaurant, recently found out the supplier of her produce named Zoey Farms was raising their price over 10%. Emma decided to look around for a cheaper cost and one day gets a call from Zoey Farms owner Maci Snyder who says "Emma, either buy the produce from me or I will burn your restaurant down. You know the people I am associated with so you better listen!" If Emma does continue to buy from Frontier Farms, what can she "specifically" claim and what would she ask for?
Economic Duress and to void the contract plus sue for her money back (Damages)
I am the type of duress in which the courts look at the threat itself and the alternatives of the victim to decide if a person was a victim of this type of duress
Economic Duress
This is defined as "Conduct suggesting intent to be bound by the agreement".
Ratification