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Buisness Law test 3

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Terms in this set (35)

Promise to buy or sell; Courts will require parties to obey.

Mutual (Bilateral) Mistake

Mistake made by both parties; if mutual mistake of material (significant) fact, either party can rescind contract

Unconcionability

Occurs when one party has so much relative bargaining power that he/she effectively dictates terms of bargaining power and dictates terms of contract, resulting in situation where dominated party, in contract, lacks free will

Fraudulent misrepresentation

Intentional, untruthful assertion of material fact by contracting party; aggrieved party can rescind contract, and sue for damages

Negligent Misrepresentation

Negligent, untruthful assertion of material fact by contracting party; mistreated party can revoke contract, and sue for damages