threats, violence, constraints, or other action brought to bear on someone to do something against their will or better judgment.

the intentional use of deception, false information, or misrepresentation to gain unauthorized benefits, typically money, property, or to deprive a victim of their legal rights

fraudulent misrepresentation

is a legal claim, typically in contract law or torts, where one party makes an intentional or reckless false statement of fact to induce another party to act, resulting in harm.

contract law is the requirement that all parties enter into an agreement voluntarily, It is invalidated by fraud, misrepresentation, duress, undue influence, or mistake

innocent misrepresentation

occurs when a party to a contract makes a false statement of material fact that they honestly and reasonably believe to be true at the time. Unlike fraud, there is no intent to deceive, and unlike negligence, there is no carelessness.

contract law occurs when both parties share the same erroneous belief regarding a fundamental fact or assumption underlying their agreement, such as the existence, identity, or nature of the subject matter.

the action of signing or giving formal consent to a treaty, contract, or agreement, making it officially valid.

a significant, widespread, and sustained decline in economic activity, typically lasting more than a few months.

influence by which a person is induced to act otherwise than by their own free will or without adequate attention to the consequences.

Generally, such contracts remain enforceable, but the mistaken party may rescind (void) the contract if the other party knew or should have known of the mistake

a state of absolute emptiness, a vacuum, or a large, unfilled space.

legally valid agreement that remains binding but may be canceled or rescinded at the option of one party due to specific circumstances like fraud, duress, or lack of capacity. Unlike void contracts (invalid from the start),

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cp 7 vocab

Term	Definition
duress	threats, violence, constraints, or other action brought to bear on someone to do something against their will or better judgment.
fraud	the intentional use of deception, false information, or misrepresentation to gain unauthorized benefits, typically money, property, or to deprive a victim of their legal rights
fraudulent misrepresentation	is a legal claim, typically in contract law or torts, where one party makes an intentional or reckless false statement of fact to induce another party to act, resulting in harm.
genuine assent	contract law is the requirement that all parties enter into an agreement voluntarily, It is invalidated by fraud, misrepresentation, duress, undue influence, or mistake
innocent misrepresentation	occurs when a party to a contract makes a false statement of material fact that they honestly and reasonably believe to be true at the time. Unlike fraud, there is no intent to deceive, and unlike negligence, there is no carelessness.
material fact	occurs when a party to a contract makes a false statement of material fact that they honestly and reasonably believe to be true at the time. Unlike fraud, there is no intent to deceive, and unlike negligence, there is no carelessness.
mutual mistake	contract law occurs when both parties share the same erroneous belief regarding a fundamental fact or assumption underlying their agreement, such as the existence, identity, or nature of the subject matter.
ratification	the action of signing or giving formal consent to a treaty, contract, or agreement, making it officially valid.
recession	a significant, widespread, and sustained decline in economic activity, typically lasting more than a few months.
undue influence	influence by which a person is induced to act otherwise than by their own free will or without adequate attention to the consequences.
unilateral mistake	Generally, such contracts remain enforceable, but the mistaken party may rescind (void) the contract if the other party knew or should have known of the mistake
void	a state of absolute emptiness, a vacuum, or a large, unfilled space.
voidable	legally valid agreement that remains binding but may be canceled or rescinded at the option of one party due to specific circumstances like fraud, duress, or lack of capacity. Unlike void contracts (invalid from the start),

Created by: LJaymz

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