unit 3 law

an assertion that is not in accord with the truth. When a person enters a contract because of his justifiable reliance on a misrepresentation about some important fact, the contract is voidable

• Misrepresentation

• Fraud

• Mistake

• Duress

• Undue Influence

the type of misrepresentation that is committed knowingly, with the intent to deceive.

• Misrepresentation

• Fraud

• Mistake

• Duress

• Undue Influence

a belief about a fact that is not in accord with the truth

• Misrepresentation

• Fraud

• Mistake

• Duress

• Undue Influence

wrongful coercion that induces a person to enter or modify a contract.

• Misrepresentation

• Fraud

• Mistake

• Duress

• Undue Influence

unfair persuasion. Like duress, undue influence involves wrongful pressure exerted on a person during the bargaining process.

• Misrepresentation

• Fraud

• Mistake

• Duress

• Undue Influence

the ability to incur legal obligations and acquire legal rights.

• Capacity

• considration

• accepte

legal value, bargained for and given in exchange for an act or a promise

• capacity

• Consideration

• accepte

a condition that is specified in the language of the parties’ contract.

• Express Condition

• Implied Condition

• Constructive Condition

one that is not specifically stated by the parties but is implied by the nature of the parties’ promises.

• Express Condition

• Implied Condition

• Constructive Condition

(also known as implied-in-law conditions) are conditions that are imposed by law rather than by the agreement of the parties.

• Express Condition

• Implied Condition

• Constructive Condition