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Law Chapter 7
Buisness Law
| Term | Definition |
|---|---|
| valid | having legal efficacy or force |
| genuine assent | agreement to enter into a contract that is evidenced by words or conduct between the parties |
| voidable | contract in which the injured party can withdraw, thus cancelling the contract |
| rescission | backing out of the transaction by asking for the return of what you gave and offering to give back what you received |
| ratification | acting toward the contract as though one intends to be bound by it; principal’s assent to unauthorized acts of an agent |
| duress | occurs when one party uses an improper threat or act to obtain an expression of agreement |
| undue influence | occurs when one party to a contract is in a position of trust and wrongfully dominates the other party |
| unilateral mistake | occurs when one party holds an incorrect belief about the facts related to a contract |
| mutual mistake | both parties to a contract have an incorrect belief about an important fact |
| material facts | important facts that influence both parties’ decisions about a contract |
| void | without legal effect |
| innocent misrepresentation | party to a contract does not know that a statement he or she made is untrue |
| fraudulent misrepresentation | party to a contract knows that a statement he or she made is untrue |
| fraud | intentional misrepresentation of an existing, important fact |
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