Flashcard on Genuine Agreement in Contracts

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What is a genuine agreement in the context of contracts?

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An agreement to enter into a contract evidenced by words or conduct between the parties

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Which of the following can cause a genuine agreement to be missing? Fraud, misrepresentation, undue influence, duress, or mistake, Lack of witnesses, Absence of a written document, Verbal disagreements

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Fraud, misrepresentation, undue influence, duress, or mistake

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What happens if there is an absence of a genuine agreement in a contract?

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The contract becomes voidable

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What does it mean to rescind a contract?

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To back out of the contract and both parties return what they received

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When must rescission occur in relation to a contract? Options: After the contract is ratified, Before the contract is ratified, At any time during the contract, Only after a breach of contract

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Before the contract is ratified

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What does ratification of a contract imply?

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Conduct suggesting you intend to be bound by the contract

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What is duress in the context of legal agreements?

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An improper threat or act to obtain an expression of agreement

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Which of the following is an example of duress? Offering a gift to sign a contract, Threatening to commit a crime to force agreement, Negotiating terms peacefully, Signing a contract willingly

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Threatening to commit a crime to force agreement

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Duress may involve threats to which of the following? Only financial assets, Life, liberty, or property, Future business opportunities, Employment status

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Life, liberty, or property

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What is extortion in the context of contract threats?

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Threat to report crimes to coerce a contract