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Chapter 6

Ending a contract

QuestionAnswer
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
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