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Ch2-2 Voidable
The Voidable Contract
| Term | Definition |
|---|---|
| Fraud in the Execution | Really only applies when other party is illiterate, mentally/physically impaired and relies on someone else to explain the contract. |
| False Representation | Designed to give a false impression. |
| Omission | The act of leaving something out. |
| Commission | The act of doing something. |
| Actionable | Give sufficient reason to take legal action. |
| Concealment | The act of hiding something. |
| Duress | Threat of economic or physical harm leading a person to enter into a contract. |
| Undue Influence | One party has the ability to dominate the free will of the other because of the relationship that exists between them. |
| Mutual Mistake | A mistake of material fact by both parties |
| Rescission | Makes a voidable contract unenforceable, the opposite of ratification. |
| Ratification | Makes a voidable contract fully enforceable. |
| Puffing | Sales talk |
| Laches | Unreasonable delay pursuing a right or claim, in a way that prejudices the opposing party. |
| Prevention of Performance | One party prevents the other from taking action. |
| Conditions / contingencies | Any event, the happening or non-happening of which limits, modifies, or terminates a contractual obligation. |
| Indefinite | The meaning of the contract cannot be fully ascertained because terms are missing. |
| Suit for reformation | Legal process that presents a contract to the court for interpretation. |
| Parol evidence rule | Oral testimony, which is permitted only to assist the court in interpreting the contract. |
| Novation | Substitution of a new contract, debt, or obligation, for an existing one, between the same or different parties. |
Created by:
userjoe
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