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Ch2-2 Voidable

The Voidable Contract

TermDefinition
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