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LAW 122 (625)
Chapter 9

LAW122 Chapter 9 Notes.docx

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Law and Business
LAW 122
Jared C.Allen

LAW 122 Chapter 9 Notes Representation and Terms PreContractual and Contractual Statements A Contractual Term is a provision in an agreement that creates a legally enforceable obligation a promissory statement A person who makes it voluntarily agrees to do something in the future A PreContractual Representation is a statement one party makes by word or conduct with the intention of inducing another party to enter into a contract this does not form a contractPuffs mere sales wordsno consequencesInduce Contractpossible consequencesContractual Promisescertain consequences Representations are statements made to induce a contract MisrepresentationNature of Misrepresentation o Misrepresentation is a false statement of fact that causes the recipient to enter into a contract happens during precontractual negotiations o Misrepresentation must be a statement of fact NOTSometimes people make nonfactual statements such as opinions which is a statement of belief or judgement Ex a persons opinion of revenue in the future may be an estimate and may be wrongIf someone states an opinion that leads someone else to think its true a court may find that your opinion is an implied statement of fact that can be treated as misrepresentation especially if it is in your area of expertise ExI think this is a reliable carA statement of future conduct is not a statement of fact as it is only an indication of a persons future intentionsA statement of future conducts is a case of misrepresentation if it is made fraudulently or ifthe future conduct is described in terms of a present intention ExI will be a manager in five yearsA Statement of Law Ex Zoning permission is not requiredeven though I know permission has not been given o Silence as MisrepresentationAn example when silence is not misrepresentation If your buying shares from a company and you have information saying that those shares will go up in price you dont have to legally say anything about it6 way in which failure to speak will be misrepresentation pg 205When silence would distort a previous assertionWhen a statement is a halftruthWhen the contract requires a duty of utmost good faith
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