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Ch 8 Offer Creation

Chapter 8 Offer Creation

TermDefinition
Genuine Agreement Agreement to enter into a contract that is evidenced by words or conduct between the parties.
Voidable A contract that can be withdrawn from because it lacks genuine agreement.
Rescission Backing out of a contract by asking for the return of what you gave in the transaction and offering to give back what you have received.
Ratification Conduct suggesting that one intends to be bound by a contract.
Duress Using an improper threat or act to obtain an expression of agreement.
Undue Influence When one party to a contract is in a position of trust and wrongfully dominates the other party.
Unilateral Mistake A mistake in which one party holds an incorrect belief about the facts related to a contract.
Mutual Mistake A mistake in which both parties have an incorrect belief about an important fact.
Material Facts Important facts that influence the parties' decisions about a contract.
Innocent Misrepresentation An untrue statement by a party in a contract that the party does not know is untrue.
Fraudulent Misrepresentation An untrue statement by a party in a contract that the party knows in untrue.
Created by: cherman218
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