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Glossary of Management 3540 Chapter 13

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Remedies
usually must choose between dollar damages and equitable remedy
Reformation
If there is an oral agreement of the parties and a mistake and writing it up (scrivener's error), court revises the contract to conform to the actual agreement.
Fact is not...
Law, opinion, prediction or value
Misrepresentation-
Innocent
Mistake without fault

Recission only
Misrepresentation-
Negligent
Recission or actual damages
Misrepresentation- fraudulent
Actual and punitive damages on one hand or recission on the other
Fraud in the execution (signing)
Victim is told he is signing something else

Contract is void
Fraud in the inducement
Deception as to the understood subject of contract, not as to the document itself.

Contract is voidable
Exceptions to fraud in the inducement
a. A confidential relationship between seller and buyer
b. Seller has a superior knowledge upon which seller expects reliance
c. Concealment of serious defect of which seller knows but buyer has no reasonable way of finding out
d. partial disclosure
Intent to deceive by the defendant
Defendant has knowledge of falsity or defendant has reckless disregard for the truth: making a statement at a time when the speaker has serious doubts about the truth of it.

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