BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Duress
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Fraud
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Undue Influences
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All of the above
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Detailed explanation-1: -Genuine assent may be lacking due to mistake, fraudulent misrepresentation, undue influence, or duress. As was true with contracts entered into by persons lacking contractual capacity, contracts lacking genuine assent are voidable, not void.
Detailed explanation-2: -➢ genuine agreement (genuine assent or mutual assent)→exists when consent is not clouded by fraud, misrepresentation, duress, undue influence, or mistake.
Detailed explanation-3: -There are 7 essential elements an agreement must have to be considered a valid contract. The elements of a contract include identification, offer, acceptance, consideration, meeting of the minds, competency and capacity, and legality.
Detailed explanation-4: -Example: agreeing to pay someone to commit a crime cannot be a contract Consideration The agreement must involve both sides receiving something of legal value as a result of the transaction.