November 25‚ 2012 DeVry University Business Law – BUSN420 Week Four Assignment As our textbook explains fraud invalidates a contract. “The presence of fraud affects the authenticity of the innocent party’s consent to a contract. When an innocent party is fraudulently induced to enter into a contract‚ the contract usually can be avoided because she or he has not voluntarily consented to the terms. Normally‚ the innocent party can either cancel the contract and be restored to her or his original
Premium Damages Judicial remedies Contract law
that the contract is voidable. Discuss. Answer: The issues that arise in this case are: 1) Whether there is a relationship between Johnny and Victoria? 2) Whether Victoria used her dominant position to transfer all of Johnny’s property to her? 3) Whether Joe has the right to set aside/ rescind the contract? 4) Whether this presumption can be rebutted? Every person is competent to contract who is of the age of majority according to the law to which he is subject‚ and who
Premium Family Mother Father
is impossible to define‚ and difficult even to describe‚ at what point at which the influence becomes‚ in the eye of law‚ undue.” The doctrine of undue influence has been agreed upon as “the ground of relief developed by the courts of equity as a court of conscience.” It is an ordinary behaviour to influence individuals and persuade them to enter into transactions. However‚ the aim is to ensure that the influence exercised is not abused. On the grounds of these concepts‚ it is impossible to set a
Premium Common law Contract
VOIDABLE CONTRACTS * COERCION * UNDUE INFLUENCE * FRAUD * MISREPRESENTATION * MISTAKE PREPARED BY: TEH GUAN HONG GM04795 NUR SYAHIRAH BINTI HUSAINI GM04674 SAMEENA BINTI SIRAJ GM04558 ASHTON GM04801 NALINI BALAKRISHNAN GM04634 COERCION Coercion‚ as an element of duress‚ is grounds for seeking the cancellation of a contract or deed. When one party to an instrument is forced against his or her will to agree to its terms the document can be declared void by a court. In
Premium Contract Contract law
Duress is an element of force either physical or economic‚ which is used to override on parties freedom to choose to enter into a contract. Under such circumstances the contract is voidable at the instance of the innocent party. Its application used to be restricted to contracts entered into as a consequence of a threat. Originally it was held that the threats to person’s goods could not amount to duress‚ but a doctrine of economic duress has now been developed by the courts. The effect of the
Premium Plaintiff Money Contract
Case 2: When is undue influence or lack of capacity present when giving away property? What factors or tests have the courts put in place to prove this was present? According to 23 Am. Jur.2d Deeds § 176‚ the definition of "Undue influence‚" needed to contest conveyances‚ is that influence that dominates a grantor’s will and destroys his or her free agency and coerces it to serve the will of another.[1] A grantor who has been unduly influenced does not have the requisite intent
Premium Law Contract Common law
THE DOCTRINE OF UNCONSCIONABILITY: IS IT APPROPRIATE FOR IT TO BECOME THE UNDERLYING PRINCIPLE FOR A CLAIM OF VOIDABLE CONTRACTS ON THE GROUNDS OF UNDUE INFLUENCE? Table of Contents 1.0 Introduction 3 2.0 Concept of undue influence 3 3.0 Doctrine of unconscionability
Premium Contract Contract law Contractual term
bill for entire order totaling $2‚500. By this time‚ Wally has decided he does not want to purchase the fake Rolexes. He contacts Randy explain the situation wanting to return the watches and reimburse Randy for shipping costs. Randy in turn sues to enforce the original contract. Issue: The issue is whether the Illinois UCC Statute of Frauds deems contract unenforceable because it was never reduced to writing. Law: Under UCC §2-201 (3a)‚ “A contract that does not satisfy the requirements of
Premium Contract
there vitiating factor of economic duress? Issue 1: Can the doctrine of economic duress apply? Economic duress is the economic pressure or threat exerted upon another party which is beyond what the law deems as acceptable or legitimate. Under the doctrine of economic duress‚ a contract may be avoided by a party who has entered into it because of this illegitimate threat to harm his economic interest (financial or business interest) The elements of duress were laid down in Universe Tankships
Premium Legal terms Pleading Family law
Introduction A contract is voidable or vitiate under several situations‚ economic duress is one of the examples. Economic duress is a vitiating factor in a contract as it is a common law defense. When there happens to be an economic duress in a contract‚ the party can make the contract voidable if the requirements are fulfilled. One needs to be noted that the contract is only voidable instead of being voided completely. A contract has no legal force or effect at all if it is being voided. However
Premium Contract Common law