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CHAPTER SEVEN

OH LORD PLEASE WAKE ME UP I MUST BE DREAMIN' THIS EXITMENT I FEEL CAN ONLY BE DI

QuestionAnswer
duress Duress occurs when one party uses an improper threat or act to obtain an expression of agreement
fraud Fraud intentional misrepresentation of an existing, important fact
fraudulent misrepresentation Fraudulent Misrepresentation party to a contract knows that a statement he or she made is untrue
genuine assent Genuine Assent agreement to enter into a contract that is evidenced by words or conduct between the parties
innocent misrepresentation Innocent Misrepresentation party to a contract does not know that a statement he or she made is untrue
material fact Material Facts important facts that influence both parties’ decisions about a contract
mutual mistake Mutual Mistake both parties to a contract have an incorrect belief about an important fact
ratification Ratification acting toward the contract as though one intends to be bound by it; principal’s assent to unauthorized acts of an agent
rescission Rescission backing out of the transaction by asking for the return of what you gave and offering to give back what you received
undue influence Undue Influence occurs when one party to a contract is in a position of trust and wrongfully dominates the other party
Unilateral Contract Unilateral Contract offeror promises something in return for the offeree’s performance and indicates that this performance is the way acceptance must be made
void Void without legal effect
Created by: mnewton250
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