Ch.14 voluntary consent

Basis of contract law

Voluntary agreement or a meeting of the minds between parties.

Knowing and voluntary consent

An essential requirement for an enforceable contract.

Elements of misrepresentation

False assertion of fact, material fact, justifiable reliance, and harm.

Key addition in fraud vs. misrepresentation

Fraud requires knowledge of falsity and intent to deceive (scienter).

Remedies for fraud

Rescind the contract, or affirm the contract and sue for damages.

Caveat emptor

"Buyer beware" common law doctrine, replaced by a duty to disclose.

Latent defects

Hidden defects that trigger a legal duty to disclose.

Scienter

Intent to deceive, inferred from a person's actions or mental state.

Duress

A wrongful threat leaving no reasonable alternative but to agree.

Undue influence

Unfair persuasion utilizing a confidential or fiduciary relationship.

Mutual mistake

Both parties act under an untrue belief about a material fact.

Unilateral mistake

One party is mistaken, and the other knew or should have known.