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22 Cards in this Set

  • Front
  • Back
Duress
Wrongful or unlawful act or threat that overcomes the free will of a party
Physical Duress
Coercion involving physical force renders agreement void
Improper Threats
Improper threats or acts including economic and social coercion render the contract voidable
Undue Influence
The unfair persuasion of a person by a party in a dominant position based on a relationship of trust and confidence
Fraud in the Execution
A misrepresentation that deceives the other party as to the very nature of the contract; renders the agreement void
Fraud in the Inducement
Misrepresentation regarding the subject matter or a contract that induces the other party to enter into the contract; renders the contract voidable
Misrepresentation
Some positive statement or conduct that is not in accord with the facts
Concealment
Action taken to keep another from learning a fact
Fiduciary
Person who owes a duty of trust, loyalty, and confidence to another
Fact
An event that took place or a thing that exists
Opinion
Belief in the existence of a fact or a judgement as to value
Puffing
Sales talk that is considered general bragging or overstatement
Material
Of substantial importance; likely to induce a reasonable person to enter inot the contract
Scienter
Guilty knowledge
Justifiable Reliance
Reasonably influenced by the misrepresentation
Negligent Misrepresentation
Made without due care
Innocent Misrepresentation
Misrepresentation made without knowledge of its falsity but with due care
Mistake
An understanding that is not in accord with existing fact
Mutual Mistake
Both parties have a common but erroneous belief forming the basis of a contract
Unilateral Mistake
Erroneous belief on the part of only one of the parties to a contract
Assumption of Risk of Mistake
A party may assume the risk of a mistake
Effect of Fault upon Mistake
Not a bar to avoidance unless the fault amounts to a failure to act in good faith