Types Of Misinterpretation In Business Law.
Misinterpretation is a false statement made by one party to the other, before or at time of the contract which is intended to and does impact induces to enter into the contract.
Misrepresention must have three ingredients:
There must be a representation or statement of fact.
The representation must be made before Tue conclusion of the contract.
The representation must actually be acted upon.
Types Of Misinterpretation.
Innocent misrepresention: this is where the maker of the statement honest believe the statement to be true even though it is false. Where there is an innocent misinterpretation, the injured party may resend(consul) the contract but cannot class damages.
Fraudulent misinterpretation.
This is a false statement by a party who knows the statement to be statement to be untrue or does not believe it to be true or not. In a fradulent representation, the injures party can sue for damages.Neglect misinterpretation.
This us where Tue statement is made carelessly or reasonable for believing it is true.Duress: this is where as party threatens to the other party either directly or to his husband or wife, child or any of his relatives to unduress the other party to enter into the contract.
Undue influence.
This is when a party obtains a benefit from the other party under a contract through exercising influence which prevents that party from exercising independit judgement.
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