EssentialsOFBusLaw_chapter13

Question 1

Bilateral mistake

Answer 1

Occurs when both parties negotiate based on the same factual error.

Question 2

Disaffirm

Answer 2

To give notice of refusal to be bound by an agreement.

Question 3

Duress

Answer 3

An improper threat made to force another party to enter into a contract.

Question 4

Misrepresentation

Answer 4

A factually incorrect statement made during contract negotiations.

Question 5

Ratification

Answer 5

Words or actions indicating an intention to be bound by a contract.

Question 6

Rescind

Answer 6

Cancellation of a contract.

Question 7

Restitution

Answer 7

Restoring an injured party to its original position.

Question 8

Unilateral mistake

Answer 8

Occurs when only one party enters a contract under a mistaken assumption.