Chapter 7

Created by noblef 

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19 terms

Void

Of no legal effect

Genuine assent

Consent or agreement not clouded by fraud, duress, undue,influence, or mistake

Voidable

Contract in which the injured party can withdraw from the transaction

Unilateral mistake

One party holds an incorrect belief about the facts related to the contract

Fraudulent misrepresentation

Deliberate false representation or concealment of a material fact, which is meant to and which does induce another to make an unfavorable contract

Ratification

Approval of a voidable contract

Undue influence

Overpowering of anothers free will by taking unfair advantage to induce the person to make and unfavorable contract

Duress

Use of an improper act or threat to obtain an expression of agreement

Rescission

To offer to give back what you recieved via a contract while demanding return of what you gave

Bilateral mistake

Which type of mistake gives both parties the right to rescind

True

Unilateral mistakes of law generally have no effect on the rights of the parties under the resultant contract

A false statement of fact, the fact must be material, the statement must be relied upon

For misrepresentation which of the following elements need not be proven

Punitive damages

Which of the following remedies is not available for an innocent misrepresentation

Will

A statement of opinion by an expert ______ be treated as fact

True

Contracts created or modified by duress are voidable

Submit the contract to a judge for review

Which of the following need not be done by the dominating party to prevent a claim of undue influence

False

A formal relationship between parties to the contract must always be shown to prove undue influence

True

Recission for duress must be timely and occur before ratification

True

If the seller of a house paints the ceiling to cover stains which indicate the roof leaks, this is active concealment

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