Term
|
Definition
| Prompt Unequivocable action upon learning facts, and clearly express intent to rescind |
|
|
Term
|
Definition
| Assertion that is not in accord with the truth |
|
|
Term
| Effect of Misrepresentations |
|
Definition
| Contract is voidable by the injured party |
|
|
Term
|
Definition
| Belief about a fact that is not in accord with the truth that relates to the contract as they exist at the time the contract is created. |
|
|
Term
| Requirements for Mutual Mistake |
|
Definition
-Could not have reasonably known or discovered the fact
-The fact relates to basic assumptions on which the contract was made
-It had a material effect
Party affected did not bear the risk of the mistake |
|
|
Term
| Requirements for Unilateral Mistakes |
|
Definition
-Could not have easily found out the fact
-Relates to the basic assumptions for the contract
-the mistake had a material effect
-The nonmistaken party can't have known about the mistake |
|
|
Term
|
Definition
Contract was induced by improper threat
the threat leaves the party with no reasonable alternative |
|
|
Term
| Undue Influence Requirements |
|
Definition
Unfair Persuasion of individual(s)
Must have come from a relationship of trust and confidence OR dominance |
|
|
Term
| List those who lack capacity to contract |
|
Definition
Infancy
Mental inpairment
intoxication |
|
|
Term
| Contracts covered in the statute of frauds |
|
Definition
Collateral Contracts (one person pays anothers debt)
Contracts for the sale of an interest in land
Bilateral Contracts that cannot be performed within a year from the date of contract formation
Contracts for the sale of goods over $500
Contracts in which marriage is the consideration |
|
|
Term
|
Definition
| Two part relationship in which one party is authorized to act on behalf and under the control of the other party |
|
|
