Do 250 words minimum on the topic and then 100 minimum on the work below.
there is 2 different examples that need 100 word responses
An example of “genuine assent” in contract law is when one party enters into a contract under duress or coercion, which undermines their true consent. Duress occurs when a party is forced to agree to a contract due to the threat of harm or some other form of coercion. In such a situation, consent is not genuine because it is obtained through unlawful pressure.
One real-life example of a contract entered with genuine assent can be found in the case of FTX founder Sam Bankman-Fried. Bankman-Fried is facing fraud charges, including securities fraud and conspiracy fraud counts, for allegedly cheating thousands of investors out of billions of dollars. He purportedly presented himself as a trustworthy figure in the cryptocurrency industry, using celebrity endorsements, Super Bowl advertising, and political donations to enhance his image.
According to prosecutors, Bankman-Fried used fraudulent schemes to steal billions of dollars from FTX customers and investors. He was able to divert customer deposits to support the operations and investments of FTX and Alameda Research, his cryptocurrency trading hedge fund. He also used the funds for speculative venture investments, illegal campaign donations, and personal expenditures. Prosecutors argue that Bankman-Fried portrayed himself as a savior of the industry while misleading investors and exposing them to undisclosed risks.
In this case, the investors and customers who entered into contracts with FTX and Alameda Research may have done so under the false belief that Bankman-Fried was acting in their best interests. They may have been influenced by misleading advertising, celebrity endorsements, and Bankman-Fried’s reputation as a trustworthy figure. Their consent to the contracts may not have been genuine, as it was obtained through fraudulent misrepresentation and the false image created by Bankman-Fried.
Overall, the example of Sam Bankman-Fried and FTX illustrates how genuine assent can be undermined in contract law through fraudulent practices and misrepresentation. Parties who enter into contracts under such circumstances may not truly understand the risks and implications of their agreements, leading to an absence of genuine consent.
Genuine assent can is achieved when there is consent to a deal by both parties with the absence of duress, fraud, and undue influence. Genuine assent can be breached through duress, which is a threat made to a person, making the person lose their freedom to choose. This can be through the threat of imprisonment, threat to harm the person or a person’s loved ones and can also be in the form of blackmail. Another example is undue influence, or wrongful persuasion. This may be when someone uses their position of power to persuade someone to make a certain decision. Then there is the example of fraud, or an untrue representation of a good or product used to mislead a buyer. If a contract is determined to have been signed under any of these circumstances, it is no longer considered legally binding.
An example of a contract being negated due to duress is in the case of Germantown Mfg. Co. v. Rawlinson in which an employee of Germantown manufacturing, Robert Rawlinson, was caught embezzling money from Germantown. Once caught, Mr. Rawlinson admitted to this crime, and was fired from the company. Mr. Rawlinson and his wife were informed that if they signed two confession of judgment notes, that Germantown would not press criminal charges. It was Mr. Rawlinson’s wife who signed the documents. Germantown later filed a suit to recover the funds taken. Mrs. Rawlinson filed a petition to the state court. The court ruled that Germantown had persuaded the Rawlinson’s to sign this contract under duress by threatening criminal prosecution and the contracts were deemed voided.