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10 terms

Contract frauds

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Unilateral mistake
An error by one of the parties of a contract.
bilateral mistake
both parties make an error on the contract.
fraud
a deliberate deception to secure an unfair or unlawful gain.
rescind
canceling a contract.
material fact
a fact that matters to one of the parties.
concealment
under circumstances individuals can make a false representation.
misrepresentation
an untrue representation of facts.
duress
an overcoming of someones will by threat of force.
economic duress
a threat to business or income.
undue influence
is unfair or improper persuasive pressure by one person in a relationship of trust.