BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Consideration is a promise, performance, or forbearance bargained by a promisor in exchange for their promise. Consideration is the main element of a contract. Without consideration by both parties, a contract cannot be enforceable.

Detailed explanation-2: -Voidability of agreements without free consent.-When consent to an agreement is caused by coercion, 1[***] fraud or misrepresentation, the agreement is a contract voidable at the option of the party whose consent was so caused.

Detailed explanation-3: -In fraud, the party makes a false statement with the intent of deceiving the other contracting party, whereas, in misrepresentation, the party makes a false statement in the belief that it is true with no intention of deceiving the other contracting party.

Detailed explanation-4: -A misrepresentation is a false statement of a material fact made by one party which affects the other party’s decision in agreeing to a contract. If the misrepresentation is discovered, the contract can be declared void. Depending on the situation, the adversely impacted party may seek damages.