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Terms in this set (25)A contract may not be enforced if the _____ of one or both parties to the contract was not genuine or real. A. assent A. assent Genuineness of assent may be missing because a party entered into a contract based on _____, fraudulent misrepresentation, or _____. A. consideration; duress C. mistake; duress The requirement that a party's assent to a contract be genuine is known as which of the following? A. intentional misrepresentation E. genuineness of assent Genuineness of assent is defined as ________. A. a mistake in which only one party is mistaken about a material fact D. the requirement that a party's assent to a contract be genuine All of the following are possible remedies for lack of genuine assent EXCEPT? A. voiding the contract E. enforcing the contract against the innocent party ________ may be missing because a party entered into a contract based on mistake, fraudulent misrepresentation, or duress. A. Duress D. Genuineness of assent A mistake made by both parties concerning a material fact that is important to the subject matter of a contract is known as a(n) _____ mistake of a material fact. A. unilateral E. mutual Which of the following is an INCORRECT statement regarding a mutual mistake of a material fact? A. A material fact is a fact that is important to the subject matter of a contract. E. A party may not rescind a contract if there has been a mutual mistake of a material fact. A mistake made by both parties concerning a material fact that is important to the subject matter of a contract is known as ________. A. rescission C. a mutual mistake of a material fact In which situation can a mistaken party NOT rescind the contract? A. mutual mistake of a material fact C. mutual mistake of value An ambiguity in a contract may constitute __________. A. a mutual mistake of a material fact A. a mutual mistake of a material fact If there has been a mutual mistake, the contract may be ______ on the grounds that no contract has been formed because there has been no "meeting of the minds." A. rescinded A. rescinded Which of the following is an INCORRECT statement regarding the elements of intentional misrepresentation (fraud)? A. To prove fraud, the plaintiff must establish that he or she was injured. C. To prove fraud, the plaintiff must establish that the wrongdoer made a false representation of a non-material fact. Which of the following is an INCORRECT statement regarding the elements of intentional misrepresentation (fraud)? A.Statements of opinion generally do not form the basis for fraud. D. A misrepresentation of a material fact cannot occur by the conduct of a party. An event that occurs when one person consciously decides to induce another person to rely and act on a misrepresentation is known as which of the following? A. genuineness of assent B. intentional misrepresentation (AKA fraud) To prove ________, one of the elements of fraud, the person making the misrepresentation must have either had knowledge that the representation was false or made it without sufficient knowledge of the truth. A. injury to the innocent party B. intent to deceive To prove __________________, an element of fraud, the misrepresentation must have been a significant factor in inducing the innocent party to enter into the contract. It need not have been the sole factor. A. intent to deceive B. misrepresentation of a material fact To prove ___________, an element of fraud, the innocent party to whom the misrepresentation was made must have relied on the misrepresentation and acted on it. A. injury to the innocent party E. reliance on the misrepresentation _____ occurs when one party threatens to do some wrongful act unless the other party enters into a contract. A. Frustration of purpose C. Duress Which of the following is an INCORRECT statement regarding duress? A. E. _____ occurs when one person takes advantage of another person's mental, emotional, or physical weakness and unduly persuades that person to enter into a contract. A. Economic duress C. Undue influence Which of the following is an INCORRECT statement regarding undue influence? A. A. Courts may permit the modification, but not the rescission, of a contract based on the doctrine of undue influence. A fiduciary or confidential relationship must have existed between the parties in a contract in order to prove _______. A. rescission C. undue influence The dominant party in a contract must have unduly used his or her influence to persuade the servient party to enter into a contract in order for there to be ________. A. duress E. undue influence Mr. Smith, an 85 year old man who has dementia, has a live-in nurse, Michelle. When Mr. Smith passes away it is later discovered that Mr. Smith left a large sum of money in his will to Michelle. This change in his will occurred 3 months prior to his death. This is considered undue influence if Michelle ________________. A. threatened to harm his family if he didn't change his will C. used her position as a nurse to unduly influence Mr. Smith to change his will Sets with similar termsblaw chap. 1421 terms nadia_hogan Bus Law Ch 14- Contracts: Voluntary Consent35 terms kristencummins Business Law Chapter 1533 terms lte1998 Business Law Chapter 1313 terms donram Sets found in the same folderChapter 1027 terms mlhar97 Chapter 1524 terms mlhar97 Chapter 1624 terms mlhar97 Legal Environment of Business - Chapter 2 Practice23 terms shell1256 Other sets by this creatorQuiz 218 terms mlhar97 Quiz 132 terms mlhar97 Chapter 1230 terms mlhar97 Chapter 927 terms mlhar97 Other Quizlet setsChapter 12 LENB Reality of Assent Mult Choice30 terms Tom_S23 Chapter 13: Genuineness of Assent and Undue Influe…45 terms bigpoppa124 Management 260 final107 terms Ashley_Faecher Chapters 14-16 Questions94 terms halilevine Related questionsQUESTION By signing a listing agreement with a seller, a real estate broker and any salesperson acting on behalf of the broker becomes... 4 answers QUESTION What is the purpose of drug laws? 9 answers QUESTION
when income is taxed or an expense is deducted affects the associated "real" tax costs or savings for 2 reasons 8 answers QUESTION The Escrow Closing Notice is another disclosure required by TRID. The Escrow Closing Notice must be provided to the consumer no later than 3 answers What mistake is made when both parties are mistaken about a material fact of the contract?A mutual mistake occurs when the parties to a contract are both mistaken about the same material fact within their contract. They are at cross-purposes. There is a meeting of the minds, but the parties are mistaken. Hence the contract is voidable.
When both parties are mistaken about a material fact party can avoid the contract?If both parties are mistaken about a material fact, such as the identity of the subject matter, either party can avoid the contract. If the mistake relates to the value or quality of the subject matter, either party can enforce the contract.
When both parties are mistaken about the same material fact the contract can be rescinded by either party True False?When both parties to a contract are mistaken as to the same material fact, the contract cannot be rescinded by either party. To commit fraudulent misrepresentation, one party must intend to mislead another.
When both parties to a contract are mistaken as to the same material fact the contract can be rescinded on the basis of?A mistake of fact cannot be unilateral. When both parties to a contract are mistaken about the same material fact, the contract cannot be rescinded. Words or terms in contracts that are subject to more than one reasonable interpretation can lead to bilateral mistakes. A mistake of value warrants contract rescission.
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What mistake is made when both parties are mistaken about a material fact of the contract quizlet?
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