Business Law - Agreement

Mistake about an important fact believed by both parties to a contract

• genuine mistake
• mutual mistake
• innocent misrepresentation
• unilateral mistake

Consent not clouded by fraud, duress, undue influence, or mistake.

• agreement (genuine assent)
• ratification
• rescission
• mutual material

Contract in which the injured party can withdraw from the transaction.

• voidable
• unavoidable
• improper
• judgment

Statement of a material fact which is false but which the speaker thought was true.

• duress
• fraud
• bilateral mistake
• unilateral mistake

Deliberate false representation or concealment of a material fact, which is meant to and which does induce another to make an unfavorable contract.

• duress
• undue influence
• fraudulent misrepresentation
• mutual mistake

Approval of a voidable contract

• rescission
• option
• ratification
• counteroffer

Overpowering of another's free will by taking unfair advantage to induce the person to make an unfavorable contract

• duress
• fraud
• bullying
• undue influence

Use of an improper act or threat to obtain an expression of agreement

• duress
• fraud
• undue influence
• innocent representation

To offer to give back what you received via a contract while demanding return of what you gave.

• ratify
• rescission
• agree
• negotiate

Which type of mistake gives both parties the right to rescind?

• unilateral mistake
• bilateral mistake