Sunday, April 12, 2009

What do I do if I have been dudded in a contract?

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There are some contracts which can be ruled to be voidable (it grants a choice to the disaffected party to void the contract) where there has been an instance of 'unconscionability' as per Section 2-302 of the Unifrom Commercial Code which prevents the enforcement of contracts which are grossly unfair to one side of the agreement to the point where it could be said the consideration (exchange of fair value) for the contract is non-existent. There is also a concept of undue influence which prevents the enforcement of contracts where one side has an unfair advantage in terms of bargaining power or influence over the other party to the exetent that the contract cannot be considered to be a fair transaction where both parties understood the implications of their actions. Parent/child relationships are classic instances of undue influence.

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