Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Chapter 6
Ending a contract
| Question | Answer |
|---|---|
| Bilateral mistake | Another name for mutual mistake |
| Undue Influence | Unfair and improper pressure exerted by one in a position of trust |
| Fraud | A deliberate attempt to deceive a party about some material fact involved in the contract to induce that party to enter a contract. |
| Duress | Overcoming the will of another by use of force or by threat of force or bodily harmv |
| Rescind | Cancel a contract if you have been induced to enter into it by fraud |
| Unilateral mistake | A mistake made by only one of the parties to a contract. |
| Misrepresentation | An innocent statement of a supposed fact that turns out to be false. |
| Concealment | Another name for nondisclosure or when a person intentionally fails to reveal an important fact |
| Economic duress | A threat of a business nature to cause another, without real consent, to enter a contract. |
| Material Fact | A fact that is important; it matters to one of the parties. |
| Substantial Performance | a situation in which a party has, in good faith, completed the major requirements of a contract, leaving only a few minor details unfinished. |
| Discharge by agreement | means that people can end a contract by mutual agreement |
| Statute of limitations | establishes a time limit for suing in a civil case, based on the date when the breach occurred or was discovered |
| Tender of performance | an offer to do what you have agreed to do under a contract |
| Assignment | the legal transfer of a right under a contract |
| Delegation | the transferring of a duty under a contract |
| Discharged | when a contract ends by performance or agreement |
| Performance | both parties have fulfilled the terms of the contract |
| Complete performance | as long as all terms have been carried out properly and completely, the contract is discharged |
| Reasonable time | the court will say the contract must be completed in a time that is suitable and fair |
| Mutual release | an agreement by two parties to end an agreement |
| Void | when physical force is used to cause another to enter a contract the contract is said to be this |
Created by:
Nabbbs
Popular Business sets