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Class: LAW - Contracts 1 - Introduction; Subject: Law; University: Loyola University New Orleans; Term: Forever 1989;
Typology: Quizzes
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TERM 1
DEFINITION 1 Vitiated consent.Consent may be vitiated by error, fraud, or duress. TERM 2
DEFINITION 2 Duress.Consent is vitiated when it has been obtained by duress of such a nature as to cause a reasonable fear of unjust and considerable injury to a party's person, property, or reputation.Age, health, disposition, and other personal circumstances of a party must be taken into account in determining reasonableness of the fear. (subjective standard) TERM 3
DEFINITION 3 Damages.When rescission is granted because of duress exerted or known by a party to the contract, the other party may recover damages and attorney fees.When rescission is granted because of duress exerted by a third person, the parties to the contract who are innocent of duress may recover damages and attorney fees from the third person. TERM 4
DEFINITION 4 Duress directed against third persons.Duress vitiates consent also when the threatened injury is directed against the spouse, an ascendant, or descendant of the contracting party.If the threatened injury is directed against other persons, the granting of relief is left to the discretion of the court. TERM 5
DEFINITION 5 Contract with a party in good faith.A contract made with a third person to secure the means of preventing threatened injury may not be rescinded for duress if that person is in good faith and not in collusion with the party exerting duress.
TERM 6
DEFINITION 6 The sale of an immovable may be rescinded for lesion when the price is less than one half of the fair market value of the immovable. Lesion can be claimed only by the seller and only in sales of corporeal immovables. It cannot be alleged in a sale made by order of the court. The seller may invoke lesion even if he has renounced the right to claim it. TERM 7
DEFINITION 7 If Seller may rescind because of lesion, buyer may either return immovable or keep it and pay the difference between price paid and FMV.