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