BUL 4421 Final - FAU Gendler exam with 100% Correct Verified Answers
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Course
BUL 4421
Institution
BUL 4421
Elements of Offer (4): - ANSWER 1. Intent to be bound by acceptance
Types of Misrepresentations (3): - ANSWER 1. Innocent
2. Negligent
3. Fraudulent
Innocent misrepresentation - ANSWER Results from a false statement about a fact material
to an agreement that the party making it believed to be ...
Innocent misrepresentation - ANSWER Results from a false statement about a fact material
to an agreement that the party making it believed to be true
the misled person who fell victim to innocent representation lacked - ANSWER a scienter (latin
word for "knowledge")
an innocent, misled party may - ANSWER rescind the contract.
an innocent, misled party may not - ANSWER sue for damages; the other party had no intent to
mislead
Negligent misrepresentation - ANSWER In some contract negotiations, one party makes a
statement of material fact that he thinks is true, but he could have known the truth by
using reasonable care to discover or reveal it and fails to do so.
A party guilty of negligent misrepresentation is treated as if - ANSWER he had intent to deceive;
they should have known the truth using skill and knowledge of a person in their
position/profession.
,Any fraud on the part of a party to a contract provides a basis for - ANSWER recission
A fraudulent/intentional misrepresentation is - ANSWER A consciously false representation of
a material fact intended to mislead the other party.
parties cannot be said to have assented when - ANSWER one of the parties was tricked into
"agreement" by a fraudulent representation
agreement by a fraudulent representation can be - ANSWER rescinded on the basis that there
was no meeting of the minds
requirements for finding fraudulent misrepresentation (3) - ANSWER 1. a false statement
about a past or existing fact that is material to the contract
2. intent to deceive
3. justifiable reliance on the false statement by the innocent party to the agreement
justifiable reliance is generally present unless - ANSWER injured party knew, or should have
known by the extravagance of the claim, that the false statement was indeed false.
if damages are sought from fraudulent/intentional misrepresentation, defrauded party must -
ANSWER have been injured by the misrepresentation
Undue influence - ANSWER Refers to those special relationships in which one person takes
advantage of a dominant position in a relationship to unfairly persuade the other and interfere
with the person's ability to make his of her own decision.
Ex: disney exec
Courts may see the undue influence of the relationship as - ANSWER interfering with the free
choice required for an enforceable contract.
, Contracts resulting from undue influence are - ANSWER voidable
the essential element of undue influence is - ANSWER the existence of a dominant-subservient
relationship; make sure subservient person has independent advice before entering contract
Duress Occurs when - ANSWER one party threatens the other with a wrongful act unless
assent is given.
Assent under duress is - ANSWER not legal; coercion interferes with the party's free will
When one party is forced to enter into a contract by the wrongful threat of another -
ANSWER the contract is voidable by the innocent party due to duress
Statute of Frauds - ANSWER State laws requiring certain types of contracts must be in writing
to be enforceable.
Statute of Frauds is intended to: (3) - ANSWER 1. Ease contractual negotiations by *requiring
sufficient* reliable evidence to prove the existence and specific *terms of a contract.*
2. *Prevent unreliable oral evidence* from interfering with a contractual relationship.
3. *Prevent* parties from entering into *contracts in which they do not agree.*
Therefore, contracts must - ANSWER a) Contain specific terms
b) Be in writing
c) Parties must agree
Contracts falling within the Statute of Frauds (5): - ANSWER 1. Promises made in
a consideration of *Marriage.*
2. Contracts whose terms prevent possible performance within one *Year.*
3. Contracts related to an interest in *Land.*
4. Contracts where *Executor* of estate promises to pay the debt of an estate with
the executor's own money.
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