BUL 4421 Final - FAU Gendler Chapter 17 Questions and Answers Updated.

CHAPTER 17 - Answer Legal Assent Legal Assent (Define) - Answer Offer and acceptance; both parties agree to do the same thing. Legal Assent is a promise - Answer courts will require parties to obey Without it, the contract may be - Answer voidable, a circumstance that can cost a business large profits when the transaction is significant. A voidable contract can be - Answer rescinded, or canceled; permitting the person who canceled the contract to require the return of everything she gave the other party Unilateral mistake - Answer Results from one party having an error about material facts. Mistaken party can rescind or reorganize the contract. Unilateral mistake generally does - Answer not void a contract; courts are hesitant to interfere when one of the parties has a correct understanding of the material facts of the contract. Mutual Mistakes - Answer Both parties have errors of material fact. Under a mutual mistake, rescission is - Answer fair because any agreement was an illusion: Ambiguity prevented a true meeting of the minds. Misrepresentation - Answer An untruthful assertion about a material fact. This Misrepresentation prevents - Answer a mental agreement necessary for a legal contract. misrepresentation contracts lack - Answer (cont.) legal assent Types of Misrepresentations (3): - Answer 1. Innocent