Term
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Definition
| An agreement to enter a contract that is evidenced by words or conduct between the parties. |
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Term
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Definition
| A contract where the injured party can rescind; thus cancelling the contract. |
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Term
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Definition
| Backing out of a transaction by asking for the return of what you gave in the transaction, and offering to give back what you received. |
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Term
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Definition
| Conduct suggesting you intend to be bound by the contract. |
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Term
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Definition
| When one party uses an improper threat or act to obtain an expression of agreement. |
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Term
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Definition
| When one party to the contract is in a place of trust and wrongfully dominates the other party. |
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Term
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Definition
| When one party holds an incorrect belief about the facts to the contract. |
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Term
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Definition
| When both parties have an incorrect belief about an important fact in the contract; also known as a bilateral mistake. |
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Term
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Definition
| Important facts that influence the parties decisions about a contract. |
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Term
| innocent misrepresentation |
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Definition
| When a party to a contract does not know that a statement he or she made is untrue. |
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Term
| fradulent misrepresentation |
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Definition
| When a party to the contract knowingly makes an untrue statement. |
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Term
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Definition
| Intentional misrepresentation of an existing and important fact. |
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