In this chapter, students will be able to understand: Why is legal assent important? What are the elements of mistake? What are the elements of misrepresentation? What are the elements of undue influence? What are the elements of duress? What are the elements of unconscionability? | Chapter 17 Legal Assent Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter 17: Legal Assent Legal Assent Definition: Promise to buy or sell courts will require parties to obey Without assent, contract may be avoided/rescinded Cancellation of contract due to lack of assent means party with power of avoidance can require return of consideration given to other party; similarly, party with rescission right must return consideration received from other party Major “obstacles” to legal assent: Mistake, misrepresentation, undue influence, duress, and unconscionability Legal assent is defined as a promise to buy or sell a court will require the parties to obey. Without assent, a contract may be avoided or rescinded. Cancellation of contract due to a lack of assent means the party with the power of avoidance can require the return of consideration given to the other party; similarly, party with a rescission right must return the consideration received from the other party. Major “obstacles” to legal assent include mistake, misrepresentation, undue influence, duress, and unconscionability. Mistake Definition: Erroneous beliefs regarding material facts of contract at time agreement made Unilateral Mistake: Mistake made by one contracting party; generally, contract still binding Mutual (Bilateral) Mistake: Mistake made by both parties; if mutual mistake of material (significant) fact, either party can rescind contract Mistakes are erroneous beliefs regarding the material facts of a contract existing at the time the agreement was made. A unilateral mistake is a mistake made by one contracting party; generally, a contract is still binding even if a unilateral mistake has been made. With a mutual (or bilateral) mistake, a mistake is made by both parties; if the mistake is mutual, and if it pertains to a material (or significant) fact, either party can rescind | Chapter 17 Legal Assent Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter 17: Legal Assent Legal Assent Definition: Promise to buy or sell courts will require parties to obey Without assent, contract may be avoided/rescinded Cancellation of contract due to lack of assent means party with power of avoidance can require return of consideration given to other party; similarly, party with rescission right must return consideration received from other party Major “obstacles” to legal assent: Mistake, misrepresentation, undue influence, duress, and unconscionability Legal assent is defined as a promise to buy or sell a court will require the parties to obey. Without assent, a contract may be avoided or rescinded. Cancellation of contract due to a lack of assent means the party with the power of avoidance can require the return of consideration given to the other party; .
