EssentialsOFBusLaw_chapter13 Flashcards
1
Q
Bilateral mistake
A
Occurs when both parties negotiate based on the same factual error.
2
Q
Disaffirm
A
To give notice of refusal to be bound by an agreement.
3
Q
Duress
A
An improper threat made to force another party to enter into a contract.
4
Q
Misrepresentation
A
A factually incorrect statement made during contract negotiations.
5
Q
Ratification
A
Words or actions indicating an intention to be bound by a contract.
6
Q
Rescind
A
Cancellation of a contract.
7
Q
Restitution
A
Restoring an injured party to its original position.
8
Q
Unilateral mistake
A
Occurs when only one party enters a contract under a mistaken assumption.
