Unit 3 Review (Law)

Front

The right to withdraw an offer before it is accepted

Back

Revocation

Front

If the offeree changes the offeror's terms and sends it back to the offeror

Back

Counteroffer

Front

The offeree gives something of value in return for a promise to keep the offer open

Back

Option

Front

When a party uses an improper threat or act to obtain an agreement

Back

Duress

Front

When one party is in a position of trust and wrongfully dominates the other party

Back

Undue Influence

Front

When one party makes a statement that turns out to be untrue

Back

Misrepresentation

Front

Two elements are needed to prove this: intent and injury

Back

Fraud

Front

What a party demands and generally must receive to make an agreement binding

Back

Consideration

Front

The act of delaying from enforcing a right, obligation, or debt

Back

Forbearance

Front

A change in a party's legal position as a result of the contract

Back

Legal Value