Contract Law: Terms & Definitions - Genuineness of Assent, Mistake, Rescission, Quizzes of Accounting

Download Contract Law: Terms & Definitions - Genuineness of Assent, Mistake, Rescission and more Quizzes Accounting in PDF only on Docsity! TERM 1 genuineness of assent DEFINITION 1 the requirement that a party's assent to a contract be genuine. TERM 2 mistake DEFINITION 2 occurs where one or both parties of the contract have an erroneous belief about the subject matter, value, or some other aspect of contract. mistakes can be unilateral or mutual. TERM 3 Rescission DEFINITION 3 A undoing of a contract because of mistake TERM 4 unilateral mistake DEFINITION 4 one only party is mistaken about material of contract. Most unilateral mistake cannot be rescinded TERM 5 3 types of situations where unilateral mistake may not be enforced DEFINITION 5 1.) one party makes a unilateral mistake and other party knew about it 2.) A unilateral mistake occurs because of clerical or mathematical error that is not the result of gross negligence 3.) The mistake is so serious that enforcing the contract would be unconscionable.