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(Misrepresentation (Fraudulent (Other party knows he is making a false…
Misrepresentation
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Innocent
Incorrect statement is made without knowledge, party making the false statement is unaware he is making a false statement.
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Caveat emptor
A purchaser has a duty to investigate the product, in the absence of duty of seller to volunteer information
Mistake
Common basis for avoidance in case of mistake: 1) There must be a contract between the parties 2) There must be a misapprehension about a fundamental characteristic of the good 3) A Causal link must exist between the misapprehension and concluding of the contract, had the person known the facts he would have not concluded the contract 4) Apparent importance of the misapprehension of the conclusion of the contract. 5)
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Fraud
An act or omission such as unpermitted silence can be seen as fraud if it used to obtain the consent of the other party in a way that is defective such as by lying or deceiving
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Threat
When a person is forced to form a contract under threat to his life, family, possessions or image the contract is avoidable as the will to contract was not formed willingly.
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Undue influence
A party to contract can escape the contract if an excessive disparity is caused by the undue influence of the other party. The other party must be in a significantly weaker position that is exploited.
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England
Lloyd's bank Ltd v Bundy, only in fiduciary relationships.
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