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19 terms

Chapter 7

STUDY
PLAY
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