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Marino Chpt17
Marino - Kubasek Dynamic Business Law Chapter 17
Question | Answer |
---|---|
Legal Assent | Promise to buy or sell courts will require parties to obey |
Mistake | Erroneous beliefs regarding material facts of contract at time agreement made |
Unilateral Mistake | Mistake made by one contracting party; generally, contract still binding |
Mutual (Bilateral) Mistake | Mistake made by both parties; if mutual mistake of material (significant) fact, either party can rescind contract |
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; aggrieved party can rescind contract, and sue for damages |
Undue Influence | Persuasive efforts of dominant party, who uses special relationship to interfere with other’s free choice of terms |
Duress | Occurs when one party threatens other with wrongful act unless assent given |
Unconscionability | Occurs when one party has so much relative bargaining power that he/she effectively dictates terms of contract, resulting in situation where dominated party, in essence, lacks free will |
adhesion contract | an Unconscionable contract and cannot be basis for avoiding contract |