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

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

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

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

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

the ability to incur legal obligations and acquire legal rights.

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

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

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

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