Essentials of Business Law Chapter 9

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Author:
Drizzle
ID:
275741
Filename:
Essentials of Business Law Chapter 9
Updated:
2014-05-31 22:52:52
Tags:
Business Law Essentials
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Description:
Chapter 9
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  1. Fraud
    The intentional misstatement or nondisclosure of a material (essential) fact made by one party in an attempt to influence the actions of another party.
  2. Puffing
    A general expression of opinion, typically in a sales context, that is used to persuade a prospective purchaser to buy.  It does not constitute a misrepresentation of material text.
  3. Misrepresentation
    A misstatement or nondisclosure of a material fact that results in inducing another to enter into an agreement to his or her loss.
  4. Mistake
    A belief that is not in accord with the facts.
  5. Undue influence
    The improper use of excessive pressure by the dominant member of a confidential relationship to convince the weaker party to enter a contract that greatly benefits the dominant party.
  6. Duress
    The act of applying unlawful or improper pressure or influence to a person to gain his or her agreement to a contract.
  7. Contract adhesion
    A contract drawn by one party that must be accepted as is on a take-it-or-leave-it basis.
  8. Unconscionable contract
    A contract that is so one-sided that it is oppressive and gives unfair advantage to one of the parties.

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