MBU 3550 Chapter Notes - Chapter 5: Alcoholism, Extortion, Caveat Emptor
27 Feb 2017
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Claims asserted during litigation to shield a party from liability; goal is to prove one of the following reasons: a contract never existed, should no longer exist, one should be excused from performance for a legitimate reason. The big three: fraud - has to do with representation - implied/expressed statement made by a party to a contract regarding fact/circumstances related to k. Ignorance of the law (role of legal counsel); ignorance of a fact (what should be known? what is able to be known?) Ignorance of the law is not an excuse (we all have the responsibility to understand the laws as citizens. Essential, really important: party alleging fraud must prove, false representation, defendant"s knowledge of falsity, defendant"s intent to induce plaintiff to enter k. !1: duress - immediate threat of coercion or force at the time of contracting (does not mean stress alone) takes away freedom to contract.
