1. “Tomorrow- Friday February 5th”
Chapter 8 Exam Review
“Tomorrow- Friday February 5th”

2. Genuine Assent (Genuine Agreement or Mutual Agreement)
“I am what is missing due to fraud, misrepresentation, duress or some sort of mistake occurring”
Genuine Assent (Genuine Agreement or Mutual Agreement)

3. “The key element needed to prove this is relying on a false statement to make a decision”
Misrepresentation

4. Voidable (Only the injured party can rescind)
“Any contract that lacks Genuine agreement makes the contact this”
Voidable (Only the injured party can rescind)

5. Undue Influence (A form of Duress)
“This is proven based on having a relationship with a person and being unfairly persuaded”
Undue Influence (A form of Duress)

6. Intent to deceive and Intent to injure
“These are the elements needed beyond misrepresentation to prove a case of fraud”
Intent to deceive and Intent to injure

7. “This cannot be threatened unless the party making the threat is serious”
Threat to sue a person

8. Ratification (Agreeing to contract)
“All rescission must occur before this happens”
Ratification (Agreeing to contract)

9. “Any time one party uses an improper threat or act to obtain an agreement”
Duress

10. Actively concealing something (Hiding it from buyer)
“The first element needed to prove misrepresentation is an untrue statement of fact or this”
Actively concealing something (Hiding it from buyer)

11. 9b. “What remedies are available to a fraud victim
9b.“What remedies are available to a fraud victim?” Ability to rescind, Compensatory Damages and Punitive Damages (Sometimes)

12. “This type of damage is meant to compensate a person for what they lost”
Compensatory

13. “This type of damage is meant to punish a defendant in a civil case”
Punitive (Fraud can ask for rescission, compensatory or punitive Damages

14. “This is the only remedy available in a case of misrepresentation”
Rescission

15. Bilateral Mistake (Also known as mutual mistake)
“This type of mistake makes the contract void”
Bilateral Mistake (Also known as mutual mistake)

16. “If terminating a contract ends it, this means the contract never existed”
Void

17. “This is the only party allowed to rescind for a unilateral mistake”
The Injured Party

18. Induced Unilateral Mistake
“This type of unilateral mistake means the uninjured party knew of the mistake and tricked the injured party into making a mistake”
Induced Unilateral Mistake

19. “These are the 2 types of misrepresentation”
Innocent Misrepresentation and Fraudulent Misrepresentation. (Innocent means you didn’t know you were lying and fraudulent means you knew without intent to inure other party)

20. “Anything that is important to either party in a contract situation”
Material

21. “This is conduct suggesting you intend to be bound by a contract”
Ratification

22. “You have a responsibility to report this, which is why if you threaten someone using this, its duress”
A criminal Act

23. 21. “4 Types of Duress are these” Threat to report a crime, threaten to sue, threaten a criminal act and economic threats

24. 22. “Are all unilateral mistakes voidable. ” NO
22. “Are all unilateral mistakes voidable?” NO!! (If its your OWN fault, you cannot blame someone else)

25. Misrepresentation: 1-3 Remedy: Rescission
23. Elements of Misrep and Fraud
Untrue Statement of fact or active concealment
Material
Relied upon to make decision
Intent to deceive
Intent to injure
Misrepresentation: 1-3 Remedy: Rescission
Fraud: “All 5” Remedy: Rescission, Compensatory Damages and Punitive Damages

26. Questions??