Ch 15: Mistakes, Fraud, and Voluntary Consent

Question 1

Duress

Answer 1

putting pressure on someone to sign a contract

Question 2

Economic Duress

Answer 2

no such thing. If phone costs 65 but sells at 400 there is economic duress, but it cannot invalidate a contract

Question 3

contracts may be unenforceable if parties didn’t genuinely consent to the deal due to

Answer 3

duress, undue influence, misrepresentation (fraud), mistake

Question 4

undue influence

Answer 4

One party has confidential information about another party (blackmailing someone)

Question 5

misrepresentation

Answer 5

(fraud) telling a lie to gain an unfair advantage

Question 6

unilateral mistake

Answer 6

one party makes a mistake. Courts don’t allow parties to get out of a contract

Question 7

bilateral mistake

Answer 7

both parties make a mistake. Contract becomes unenforceable

Question 8

mistakes of value

Answer 8

Contract is still enforceable because courts don’t know the value of anything. Need to take care of your own self-interest.