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Week 4: Contracts and IP Issues - C: You Decide

Group C Project Thread Begin answering the project questions here. |

Responses
Responses are listed below in the following order: response, author and the date and time the response is posted. | | Response | Author | Date/Time |

| | | Contracts and IP Issues - Question # 1 | Julie Hicks | 11/19/2012 5:30:48 AM | | | I have tried to go through the case and answer the 1st question. Please feel free to add to this thread on Question No. 1.

1) Can Big Bank's President rescind the contract? Ans: No. Big Bank's president may not be able to rescind the contract as both the parties have committed mistake. A mutual mistake occurs when the parties to a contract are both mistaken about the same material fact within their contract. Also, Rescission requires that the parties must be able to be get back to where they started when the contract was made. Here, one party to the contract has already completed four out of the six conversions without a problem. Therefore, rescission will not be permitted.Under what circumstances can a contract be rescinded by either party?Ans: Unilateral rescission is affirmatively permitted upon clear and convincing evidence of fraud, mistake, illegality, coercion, duress, and as a defense upon a preponderance of evidence that the contract is adhesive or unconscionable.What facts have to be alleged and proven? What is the result of a contract that is rescinded? Ans: The facts that would need to be alleged and proven will fall into any of the following categories:
Fraud: Misrepresentation occurs when a seller makes inaccurate statements about its product or fails to disclose pertinent information about its product that would affect someone’s decision to enter into the contract.
MIstake: material error...

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