Contract Law Terms: Voidable, Mistakes, Misrepresentations, Unconscionability, Quizzes of Business and Labour Law

Download Contract Law Terms: Voidable, Mistakes, Misrepresentations, Unconscionability and more Quizzes Business and Labour Law in PDF only on Docsity! TERM 1 voidable DEFINITION 1 A term applied to a contract that one or both parties have the ability to either withdraw from or enforce. TERM 2 rescind DEFINITION 2 To cancel a contract. TERM 3 mistake DEFINITION 3 An erroneous belief about the facts of a contract at the time the contract is concluded. When a mistake occurs, legal assent is absent. TERM 4 unilateral mistake DEFINITION 4 The result of an error by one party about a material fact, i.e., one that is important in the context of a particular contract. TERM 5 mutual mistake DEFINITION 5 The result of an error by both parties about a material fact, i.e., one that is important in the context of a particular contract. TERM 6 misrepresentation DEFINITION 6 An untruthful assertion by one of the parties about a material fact. TERM 7 innocent misrepresentation DEFINITION 7 A false statement about a fact material to an agreement that the person who made the statement believed to be true. TERM 8 scienter DEFINITION 8 Deliberately or knowingly. TERM 9 negligent misrepresentation DEFINITION 9 A false statement of material fact made by a party who thinks it is true but who would have known the truth about the fact had he or she used unreasonable care to discover or reveal it. TERM 10 fraudulent misrepresentation DEFINITION 10 A false representation of a material fact that is consciously false and is intended to mislead the other party.