Business Law Chapter 8.docx

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Management and Organizational Studies
Management and Organizational Studies 2275A/B
Cristin Keller

Business Law Chapter 8 Mistakeone or both parties make a mistake Have a problem with consensus The courts may find the contract void voidable rescission or one party should sue in tort 1 party mistake unilateral1 General rule caveat emptor you are responsible for what you contracted forno remedy2 Exception If mistake as to identityremedycontract VOID 3 If mistake as to nature of documentremedycontract VOID non est factumnot what I meant to do most of time there is no remedyyou are responsible for what you sign Misrepresentationfalse statement of fact that induces someone to enter into a contract 1 Fraudulent misrepresentationa lieremedyrescissionput parties back into original position could be a remedy unless the victim affirms itthe victim drives the car for 6 months the victim used it for benefit the victim sells it the victim isnt quite so innocent etc or it is impossible to be restoredtort action you owed me a duty to tell me the truth you fell below standard of caremight even request for punitive damages 2 Negligent misrepresentationcarelessremedy rescission or tort action likely not going to get any punitive damage
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