click below
click below
Normal Size Small Size show me how
Ch 8 Offer Creation
Chapter 8 Offer Creation
Term | Definition |
---|---|
Genuine Agreement | Agreement to enter into a contract that is evidenced by words or conduct between the parties. |
Voidable | A contract that can be withdrawn from because it lacks genuine agreement. |
Rescission | Backing out of a contract by asking for the return of what you gave in the transaction and offering to give back what you have received. |
Ratification | Conduct suggesting that one intends to be bound by a contract. |
Duress | Using an improper threat or act to obtain an expression of agreement. |
Undue Influence | When one party to a contract is in a position of trust and wrongfully dominates the other party. |
Unilateral Mistake | A mistake in which one party holds an incorrect belief about the facts related to a contract. |
Mutual Mistake | A mistake in which both parties have an incorrect belief about an important fact. |
Material Facts | Important facts that influence the parties' decisions about a contract. |
Innocent Misrepresentation | An untrue statement by a party in a contract that the party does not know is untrue. |
Fraudulent Misrepresentation | An untrue statement by a party in a contract that the party knows in untrue. |