Chapter 7 Quiz

What is the term for "An incorrect belief by both parties about an important fact"?

• opinions

• innocent misrepresentation

• unilateral mistake

• mutual mistake

What is "Misrepresentation when the misstatement was made recklessly or intentionally and injury resulted" known as?

• fraud

• bilateral mistake

• fraudulent misrepresentation

• active concealment

How is "A statement made by a party who did not know it was untrue" defined?

• innocent misrepresentation

• unilateral mistake

• material facts

• injury

What is another name for a mutual mistake?

• bilateral mistake

• unilateral mistake

• fraud

• active concealment

What term describes a statement made by a party who knew it was untrue?

• fraud

• innocent misrepresentation

• fraudulent misrepresentation

• injury

If there is no genuine assent, the apparent contract is ____?

• Not Voidable

• Correct

• Voidable

• Invalid

Occurs when the dominating party exerts pressure on the dependent party... ________ influence

What is a substitute for a false statement of fact?

• opinions

• injury

• active concealment

• material facts

What is an incorrect belief by one of the parties in a contract called?

• unilateral mistake

• mutual mistake

• innocent misrepresentation

• material facts

When the party has the legal right to get back what has already been put into the contract