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22 Cards in this Set

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A deliberate attempt to deceive a party about some material fact involved in the contract to induce that party to enter a contract is known as ...
Fraud
Another name for bilateral mistake is ___________?
Mutual Mistake
Unfair and improper pressure exerted by one in a position of trust is known as ________?
Undue Influence
A mistake made by only one of the parties to a contract is known as a ____________mistake.
Unilateral mistake
An innocent statement of a supposed fact that turns out to be false is known as __________.
Misrepresentation
What are the 5 circumstances that might create a defective agreement?
1. Fraud
2. Misrepresentation
3. Mistake
4. Duress
5. Undue Influence
If an individual enters into a contract because of fraud, the offeree has what 2 options?
1. Recind(cancel) the contract
2. Sue for Damages
What are damages in excess of losses suffered by the plaintiff called?
Punitive Damages
Fraud requires the false representation of what kind of fact?
An existing matierial fact
What is a material fact?
Something that is important or significant in value and cannot be an opinion or promise of something that will happen in the future.
This occurs when an individual makes a false representation by choosing not to reveal important information.
Concealment
What does "Caveat Emptor" mean?
Let the buyer beware
What does "Caveat Venditor" mean?
Let the seller beware
In proving fraud the innocent party must show _________?
Monetary Loss
What are the 3 types of unilateal mistakes?
1. Mistake as to the nature(facts) of the agreement
2. Mistake as to the identity of the other party
3. Mistake of the Law
What do we call a mistake when both parties to a contract are mistaken about some important fact?
Bilateral or Mutual Mistake
What are the 2 types of bilateral mistakes?
1. Mistake as to the possibility of performance
2. Mistake as to the subject matter
What are the 3 types of duress?
1. Physical Duress
2. Emotional Duress
3. Economic Duress
What are the 3 elements of "Undue Influence"?
1. A dependency relationship
2. Wrongful or unfair persuasion
3. A benefit to the party who is dominant in the relationship
A valid offer plus a valid acceptance equals a ________?
Genuine Agreement
When actual physical force is used, the contract is ________?
Void
When threat of physical force is used, the contract is ___________?
Voidable