Chapter 7 Quiz

agreement to enter into a contract that is evidenced by words or conduct between the parties

• Genuine Assent

• Recission

• Duress

A contract in which the injured party can withdraw from is called this

• enforceable

• unilateral

• voidable

backing out of a transaction by asking for the return of what you gave and offering to give back what you received

• termination
• rescission
• abandonment

acting toward the contract as though one intends to be bound by it

• Modification

• Termination

• Ratification

occurs when one party uses an improper threat or act to obtain an expression of agreement

• Coercion
• Consent
• Duress

Occurs when one party to a contract is in a position of trust and wrongfully dominates another party

• Undue Influence
• Breach of Contract
• Coercion

Contracts created or modified by duress are rescindable

• True

• False

A formal relationship between parties to a contract is always needed to prove undue influence

• True

• False

Which of the following is a form of legal duress?

• Threats of illegal or tortious conduct

• Threats to report crimes

• Threats to sue

• Economic Threats

• All of the above

occurs when one party holds an incorrect belief about the facts related to a contract

• Bilateral mistake

• Misrepresentation
• Unilateral mistake