Lesson 8-1 Quiz Review

Genuine Assent What it is What it is NOT States both parties must be able to enter a contract under their own “Free Will” Without force (Duress), being misled (Misrepresentation) or lied to (Fraud) Not about fairness (Consideration) Not about understanding your actions (Capacity) Not about agreed terms (Offer and Acceptance)

Genuine assent facts Also known as Genuine agreement or mutual agreement Allows both parties to make decisions on their own with all the facts they feel they need (Material) Only 1 of 6 parts of a valid contract

What happens when a contract lacks Genuine assent? Contract becomes “Voidable”, not void Only the “injured party” has the right to rescind Rescind means to back out of the deal Rescission must occur before ratification Ratification means to agree (Sign, handshake)

What is duress? Duress means to force someone to do something against their will Duress is illegal and allows the injured party to void the contract, because the contract is missing genuine assent

What are the types of duress? Threaten to Report a Criminal Act Threaten to Commit a Criminal Act to force an action Threaten to Sue someone, when not serious Threaten Economic Harm

How is duress proven? Threat and the Alternatives Prove the victim was in fact threatened and show they had no alternatives but to agree Alternatives means, they may have accepted the agreement, but not by choice, but rather through fear

Is Undue influence a form of duress? Yes, it is Undue Influence is based on being pressured from someone who has power over you (Boss, Politician, etc..) Must prove a relationship exists and the person was unfairly persuaded based on this relationship

Questions? Quiz Time! Spread out…