Hi, Please see the attached

Hi, Please see the attached
Genuine Assent A party who demonstrates that he or she did not genuinely assent to the terms of a contract may avoid the contract. Genuine assent may be lacking due to mistake, deception, or pressure. A. Mistake s 1. Unilateral mistake — A mistake made by one of the contracting parties. Generally, a unilateral mistake will not excuse performance of the contract unless a. the other party to the contract knew or should have known of the mistake 2. Mutual mistake a. Mistake of fact – a mutual mistake of a material will allow the parties to rescind a contract. If the mistake is related to “what you are contracting for” then the contract can be rescinded. Example: Nick enters into a contract to sell David a diamond engagement ring that belonged to his grandmother. David believes that he is purchasing a diamond engagement ring. After the contract has been executed, David has the ring appraised and finds that the stone is not a diamond, but a cubic zirconia. David can rescind the c ontract because the mistake is related to a material fact of the contract. b. Mistake of value – If the mistake is related to what the item is worth, the contract is still enforceable. Example: Mary finds a painting while she is at a yard sale. The seller is asking $250 for the painting. The painting is old but both Kaitlyn and the seller think that $250 is a fair price for the painting. After purchasing the painting, Kaitlyn finds out that the painting is really worth $50,000. The seller tries to rescin d the contract. Can they? No, both believed that the painting was nothing more than an old painting. Both believed that $250 was a fair price. The fact that there was a mistake in value does not mean the seller can rescind the contract. c. Mistake in transcription or printing of contract — Often negotiations take place prior to a final contract being formed. For example, my neighbor agreed to sell her 2018 Mercedes to Jessica. They agreed to a price of $48,000. However, when the contract was typed, the price was listed as $84,000. Both parties should have found the error before they finalized the contract. If they did not, Jessica can petition the court to have the contract “reformed” to reflect the correct price. However, she will need to establ ish proof that the price should have been $48,000. B. Deception – When one of the parties has been misled by a fraudulent statement, there is no genuine assent, and the contract is voidable by the innocent party. 1. Fraud — the following must be present in order for fraud to exist a. The party must make a false statement or have r eckless disregard for the truth. b. The party must intend for the listener to rely on the statement, c. The listener does rely on the statement, and d. The listener is harmed by relying on the statement. e. Example: Jane went to purchase a used car. She asked the salesperson if the mileage on the odometer was accurate. The salesperson was not sure but replied yes. Jane was pleased to have found a reliable car and purchased it that day. Later, Jane learned that the odometer had been turned back. She sued to the car dealer for fraud. Will the court rule in her favor? i. The salesperson stated the mileage was accurate even though he wasn’t sure – This is reckless disregard for the truth ii. The salesperson intended for Jane to rely on his answer iii. Jane did rely on his answer iv. Jane was harmed by relying on the answer because the c ar was worth less than what she paid Answer: The car dealer committed fraud A. Active Concealment a. If a party physically conceals a known defect, this also constitutes fraud. b. Example: A homeowner is aware that the electrical wiring in a home does not meet building codes. The only area of the home where the wiring is visible is in the unfinished basement where the wiring runs across the ceiling. Instead of hiring an electrician to fix the issue, the homeowner installs a ceiling in the basement to hide the old wiring. By taking action to conceal the issue, the homeowner is guilty of fraud. 2. Nondisclosure or silence as misrepresentation a. Ordinarily, a party has no duty to volunteer information if they are not asked. b. Exceptions i. Unknown defect or condition – If the seller is aware of a serious defect or problem, they have a duty to disclose that information if it is unlikely that the o ther person would discover the defect on their own. Example: Brian is selling his home. Brian is aware that termites have damaged the wood framing of the home, but the damage is not visible. This is a series defect that Brian must disclose to buyers, a s it is unlikely that the buyer would discover the issue on their own. ii. Agents – An agent has the same duty to disclose a known problem or defect as their client. For example, if Brian hired a real estate agent to sell his home and the agent knew of t he termite damage, the agent is under the same duty to disclose the defect. C. Pressure — If one of the parties is pressured into an agreement, they lack genuine assent. This may be due to undue influence, or duress. 1. Undue Influence a. Influence that is asserted upon another person by someone who dominates that person. b. In order to find that there is undue influence, the party must show that one party is in a position of weakness which makes puts them in a position to be affected by the influence of the other party. You must also prove that a confidential relationship ex ists between the parties. For example, Older parent and child; patient and nurse 2. Duress — conduct that deprives the victim of free will because they are threatened with physical harm, or financial loss. a. Physical duress – the threat of physical harm to a person. For example: If you do not sign the contract, I will break your legs. b. Economic duress – the threat of financial loss. For example: You can take a $25,000 cut in pay, or I’ll fire you.
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Graded Assignment 4 Start Assignment Due Friday by 11:59pm The use of websites such as Chegg or Course Hero are prohibited.  Questions that are submitted to, or answers that are obtained from, online sources will result in a failing grade.  Your notes should be the only resources needed to complete assignments.   Homework assignments will remain open for 24 hours after the deadline listed and you may upload your homework up until that time. Assignments submitted later than 24 hours will receive no credit.  Please read the Genuine Assent Notes prior to completing the assigned questions. Please complete all homework below using the IRAC Method (review the example posted in the Week One Module for IRAC format).  Your notes should be the only resources needed to complete assignments.  Answers that are obtained from online sources will receive no credit. Submit the answer only; do not include the homework questions.  Complete the following questions after reviewing the notes on Genuine Assent: Penelope went to XYZ Motors to purchase a used car. The car she was interested in was a 2017 Subaru Forester with 14,000 miles that was in good condition.  Penelope took the car for a test drive and noticed that the car seemed to be pulling to the side when she was driving.   When she returned to the dealership, she talked to the salesperson about the issue.  The salesperson assured her that the car had recently been serviced and that the issue was the car needed to be driven more for the issue to go away.  Satisfied with his answer, Penelope purchased the car.  Three weeks later, the car broke down and Penelope’s mechanic informed her that she had a broken ball joint on the car that would need to be replaced.  Penelope filed a lawsuit against XYZ Motors.  What is the outcome? Geoff and Martha Atamian were interested in purchasing a home in Tewksbury, MA. The Atamians inspected the home and had several questions. One of their concerns was related to the home’s addition.  The Atamians wanted to know if the work for the addition had been permitted.  The real estate agent was not sure but indicated that the Atamians should contact the town to find out.   The Atamians went ahead and made an offer on the home that day, which was accepted.  Shortly after moving in the Atamians found out that they would need to remove the addition because the work had been done without a permit.  Upon learning of the issue, the Atamians sued the previous owner for damages.  What is the outcome?
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Contractual Capacity Issue: The issue presented in this case is weather the Management Company should return the money Thomas had paid in rent for the time that he lived in the apartment and the reasonable value was $650 per month. The rule of law : the rule of law defines a contract for necessaries as that involving food, shelter, or medical cover for the minor, with other states extending it to education fees, health charges, and the comfort of the minor. The rule of law provides that a minor has the capacity to disaffirm from such a contract but must pay a reasonable amount that matches the value of the necessaries. However, if the services have been provided to the guardian for the benefit of the minor, the guardian is liable and not the minor. The minor might be charged with the costs when they become of the majority age where the guardian does not comply. Analysis: In this case scenario, the contract of necessaries is represented by signing an annual lease for an apartment where Thomas agreed to pay a yearly lease of $900 per month. At this 2 time, Thomas is 17 years old, making him a minor. Five months later, the subject is still a minor, and the law provides him with the capacity to disaffirm the contract. However, he has to pay a reasonable value for the apartment, $650 per month. Therefore, the company should refund the extra charges added to the reasonable monthly rent of the apartment as per the law. Conclusion There existed a valid contract between the company and the minor and the minor has the capacity to disaffirm the contract but under the condition of paying a reasonable amount to the value of the apartment and being refunded the excess amount by the company. Teacher’s comments: The issue is a single sentence and must be a concept from the notes. Issue: Can Thomas disaffirm the contract and receive his money back? The rule of law contains the full definition of all theories that apply. Define contractual capacity and why a minor can disaffirm, when they can disaffirm, how they disaffirm, and contracts for necessaries and reasonable value. Here you want to compare the facts to the legal theories in the rule of law and use them to support your analysis. Analysis: Thomas was minor when he made the contract and when he disaffirmed. He clearly expressed his intent to disaffirm, and he moved out of the apartment. However, since the apartment is a necessary, Thomas may disaffirm but must pay the reasonable value of a contract for necessaries. Since the reasonable value is $650, Thomas is entitled to a refund of 1,250 because he paid $250 over the reasonable value for five months. The conclusion is a single sentence and answers the question in the issue. Conclusion: Thomas can disaffirm the contract and receive the difference between what he paid and the reasonable value.