CONTRACTS 04 Flashcards Preview

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Flashcards in CONTRACTS 04 Deck (13)
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1
Q

Genuineness of Assent

A

The requirement that a party’s assent to a contract be genuine

2
Q

Rescission

A

An action to undo a contract.

3
Q

Unilateral Mistake

A

A mistake in which only one party is mistaken about a material fact regarding the subject matter of a contract.

4
Q

Mutual Mistake of Fact

A

A mistake made by both parties concerning a material fact that is important to the subject matter of a contract.

5
Q

Mutual Mistake of Value

A

A mistake that occurs if both parties know the object of the contract but are mistaken as to its value.

6
Q

Fraudulent Misrepresentation

A

An even that occurs when one person consciously decides to induce another person to rely and act on a misrepresentation.

7
Q

Scienter

A

Knowledge that a reprsentation is false or that it was made without sufficient knowledge of the truth.

8
Q

Fraud in the Inception

A

Fraud that occurs if a person is deceived as to the nature of his or her act and does not know what she is signing.

9
Q

Fraud in the Inducement

A

Fraud that occurs when the party knows what she is signing but has been fraudulently induced to enter into the contract.

10
Q

Fraud by Concealment

A

Fraud that occurs when one party takes specific action to conceal a material fact from another party.

11
Q

Innocent Misrepresentation

A

Fruad that occurs when a person makes a statement of fact that she honestly and resonably believes to be true even through it is not.

12
Q

Duress

A

A situation in which one party threatens to do a wrongful act unless the other party enters into a contract.

13
Q

Undue Influence

A

A situation in which one person takes advantage of another person’s mental, emotional, or physical weakness and unduly persuades that person to enter into a contract; the persuasion by the wrongdoer must overcome the free will of the innocent party.