Chapter Four - Assent Flashcards
Punitive Damages
Damages unrelated to loss, intended to punish
Fraud
False statement of material fact, made with intent to deceive, on which another reasonably relies, to his detriment
Fraud in the Execution
Fraud relates to the nature of the agreement
Fraud in the Inducement
Fraud relates to the party’s motivation in entering the contract
Puffing
“Sales Talk”
Silence as Fraud
A party has a duty to disclose and knowingly conceals the truth
Intent to Deceive
Knowledge of falsity
Justifiable Reliance
Reliance on assertion is reasonable
Misrepresentation
False statement made without intent to deceive, upon which a party justifiably relies to his detriment
Mutual Mistakes
All parties are mistaken about a basic assumption
Basic Assumption of Fact
An assumption essential to the value of a transaction
Unilateral Mistake
Where only one party is mistaken about a basic assumption
Commercial Impracticability
A party may be excused from contract obligations if an unforeseen circumstance makes performance impracticable
Duress
A wrongful threat, intended to induce action by the other party
Criminal Plea Agreement
An agreement in which a prosecutor and a defendant arrange to settle a criminal case against the defendant
