genuine assent
true and complete agreement
voidable contract
contract in which the injured party can withdraw, thus cancelling the contract
rescission
backing out of a transaction by asking for the return of what you gave and offering to give back what you received
ratification
conduct suggesting you intend to be bound by the contract
duress
only occurs when one party uses an improper threat or act to obtain an expression of agreement
undue influence
occurs when one party to the contract is in a position of trust and wrongfully dominates the other party
unilateral mistake
occurs when only one party holds an incorrect belief about the facts related to the contract
mutual mistake
both parties to a contract have an incorrect belief about an important fact
material facts
*important facts that influence the parties' decisions
*fact which is significant to the issue or matter at hand
void
without legal effect
innocent misrepresentation
party to a contract does not know that a statement he or she made is untrue
fraud
is based on misrepresentation
fraudulent misrepresentation
party to a contract knows that a statement he or she made is untrue