Chapter 13 Vocabulary Flashcards
A mistake that occurs when one party to a contract is mistaken as to a material fact.
Unilateral Mistake
A mistake that occurs when both parties to a contract are mistaken about the same material fact.
Bilateral Mistake
A defect that is not obvious or cannot readily be ascertained.
Latent Defect
Knowledge on the part of a misrepresenting party that material facts have been falsely represented or omitted with an intent to deceive.
Scienter
A misrepresentation that occurs when a person makes a false statement of fact that he or she believes is true.
Innocent Misrepresentation
A misrepresentation that occurs when a person makes a false statement of fact because he or she did not exercise reasonable care or use the skill and competence required by her or his business or profession.
Negligent Misrepresentation
Persuasion that is less than actual force but more than advice and that induces a person to act according to the will or purposes of the dominating party.
Undue Influence
A state statute that requires certain types of contracts to be in writing to be enforceable.
Statute of Frauds
A secondary promise to a primary transaction, such as a promise made by one person to pay the debts of another if the latter fails to perform. Normally must be in writing to be enforceable.
Collateral Promise
An agreement made before marriage to defines each partner’s ownership rights in the other partner’s property. Must be in writing to be enforceable.
Prenuptial Agreement
A rule of contracts under which a court will not receive into evidence prior or contemporaneous external agreements that contradict the terms of the parties’ written contract.
Parol Evidence Rule
A written contract that constitutes the final expression of the parties’ agreement. Evidence extraneous to the contract that contradicts or alters the meaning of the contract in any way is inadmissible.
Integrated Contract
