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LEB 7 Vocab

TermDefinition
Genuine Assent agreement to enter into a contract that is evidenced by words or conduct between the parties
Voidable Contract contract in which the injured party can withdraw, thus canceling the contract
Ratification acting toward the contract as though one intends to be bound by it
Duress when one party uses an improper threat or act to obtain an expression of agreement
Undue Influence occurs when one party to the contract is in a position of trust and wrongfully dominates the other party
Extortion threatening to report a criminal for a crime to make them contract with you
Unilateral Mistake occurs when only one party holds an innocent belief about the facts to a contract
Bilateral Mistake occurs when both parties have an innocent belief about an important fact
Innocent Misrepresentation party to a contract DOES NOT KNOW that a statement he or she made it untrue
Fraudulent Misrepresentation party to a contract KNOWS that a statement he or she mqade is untrue
Active Concealment a substitute for false statement of fact
Material Fact important facts that influence the parties' decisions about a contract
Fraud intentional misrepresentation of an existing important fact
Actual Damages money paid back to recoup the cost
Punitive Damages a form of punishment...extra money
3 Situations where disclosure is required Where a statement about a material fact omits important information The seller must break the silence when a true statement is made false by subsequent events When one party know other party has made a basic mistaken assupmtion
Fraud Consist of these two things Intent and Injury
Created by: LEBSPAN
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