Essay on "Contract Formalizes the Agreement"

Essay 5 pages (1697 words) Sources: 2 Style: APA

[EXCERPT] . . . .

Creditor may reluctantly agree o settle due to his need for the money and his lacking time and expense to bring a lawsuit.

Undue influence is where one party is induced to enter a contract against his will due to persuasion on part of the other rather than duress. Common examples of these follow the death of an individual, when relatives feud over the will and inheritance.

There are two definers of undue inflection:

a. The persuasion is unfair and manipulative

b. The person practicing persuasion dominates / manipulates the other. Alternatively, the persuaded party erroneously believes that the other is looking out for his best interests.

In order to qualify as unfair persuasion, judges determines the mood and context of the contract: whether buyer was vulnerable at time; whether atmosphere was pressurized and closed; whether it was at an unusual time and place and so forth.

Cases where rescission can be avoided

Sometimes disagreement occurs due to vague and unskilled writing and formulation of contract. In this case, the contract can be reformulated in order to correct the misconception. No torts of damages are held although contract may be rescinded.

The important factor, and the aspect that marks the distinction, is whether the mistake was unilateral (i.e. made by one of the parties) or mutual (namely, both parties were involved). An example of the unilateral mistake is where one party (e..g he seller) acted in good faith explaining to buyer all the minutia and particulars of the item before selling it. Seller's English may, however, have been poor -- he may have been an immigrant -- and buyer may have misunderstood or misinterpreted him. Even if the contract were written, seller may have innocently erred with some of his phrases (as e.g. In terms of rental) leading to unintentional erroneous conclusions.

In order to prove that the error was unilateral, buyer has to do one of the following:

a. show that the seller either caused or was aware of error and that deception was intentional

b. that it would be unconscionable to enforce the contract since the consequence / outcome of the error is too oppressive to buyer

Source

Larson, A. (October, 2003) Contract Law - An Introduction. Expert Law.

http://www.expertlaw.com/library/business/contract_law.html

Larson, A. (October, 2003) The Statute of Frauds and Contract Law. Expert Law.

http://www.expertlaw.com/library/business/statute_of_frauds.html

* Reality… READ MORE

How to Reference "Contract Formalizes the Agreement" Essay in a Bibliography

Related Essays:

Contract Law Research Proposal

Contract Law Principles and Definitions

The Elements of Contract:

Under American law, contracts must satisfy certain specific criteria in order to be enforceable at law. They must represent a genuine… read more

Research Proposal 5 pages (1543 words) Sources: 5 Style: APA Topic: Law / Legal / Jurisprudence

---

What Is a Construction Contract? Term Paper

Construction Contract

Composing a contract is an important part of any project. The terms within that contract determine what exactly needs to be done, how much time is available for… read more

Term Paper 9 pages (2830 words) Sources: 5 Topic: Architecture / Construction

---

Social Contract and Racial Dominance Research Proposal

The Social Contract and Racial Dominance in America
Mills' essay "Race and the Social Contract Tradition" (2000) makes a
compelling argument about the nature of social power dynamic in America,… read more

Research Proposal 6 pages (1830 words) Sources: 2 Style: APA Topic: Sociology / Society

---

Gilbert's Summaries Contracts the Law Essay

Gilbert's Summaries

Contracts

The law of contracts represents society's attempt to formalize promises between parties. Promises are agreements between parties that are supported by consideration. Historically, consideration was described as… read more

Essay 18 pages (5347 words) Sources: 0 Topic: Law / Legal / Jurisprudence

---

Partnership Agreement Term Paper

Partnership Agreement

This PARTNERSHIP AGREEMENT is made on July 4, 2007 between John Doe and Sally Mae.

The parties hereby form a partnership under the name of the Partnership to… read more

Term Paper 2 pages (944 words) Sources: 2 Style: APA Topic: Accounting / Auditing

---

View 100+ more related papers  >>