Glossary of Management 3540 Chapter 13
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- usually must choose between dollar damages and equitable remedy
- 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
- Mistake without fault
- 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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