COB 218 Lecture Notes - Lecture 9: Undue Influence, Liquidated Damages

• School: JMU
• Department: College of Business
• Course: COB 218
• Professor: Kenneth Alger

Document Summary

Unilateral mistakes of fact you can"t get out of it. I think your house is only worth . Bilateral mistakes of fact: both make a mistake. Can get out no meeting of the minds. Undue influence: influence from a parent/ boss, someone who has power over you. Duress: holds gun to your head threat: economic need by itself is not duress. Still held respo(cid:374)si(cid:271)le if the (cid:374)e(cid:449) party does(cid:374)"t go through. Third party beneficiary: benefits from contract, not a party of the contract. Intended beneficiary: third party for whom the contract is formed. Performance fulfillment of ones duties arising in a contract. Substantial performance: party performs substantially all of the terms of a contract. I forgot to paint the back of the door. Minor breach may be cured (right to cure) Material alteration of the contract: contract changed without agreement (void)