Core Contract Elements
Something of value exchanged between parties to form a legally binding contract.
Consideration
A false statement of material fact made without the intent to deceive. The person believes the statement to be true.
Innocent Misrepresentation
Contract was induced by improper threat and victim was forced into the contract.
Duress
The act of adopting or confirming a previously voidable contract.
Ratification
Under the age of majority.
Minor
A key element of consideration; what each party gives up must be in exchange for what the other party gives up.
Bargained-for Exchange
A wrong made by only one party to the contract about a basic assumption of the contract.
Unilateral Mistake
Suppressing something that should be disclosed.
Concealment
Meaning "knowingly" or "with knowledge."
Scienter
When a minor is freed from parental control and takes on adult responsibilities.
Emancipation
A legal obligation a party already has; generally, not valid consideration for a new contract.
Pre-existing Duty
A statement of material fact made with a determination to deceive. The person believes the statement to be true.
Misrepresentation Intentional
A "take it or leave it" contract where one party has significantly more bargaining power than the other.
Adhesion Contract
Intentionally misleading another person, causing them harm.
Deceit
Impairment of a person's ability to understand the nature and consequences of a contract.
Mental Incapacity
An act that already occurred before a contract is formed.
Past Consideration
A party's deliberate choice to remain oblivious of facts that might make a contract less desirable.
Conscious Ignorance
Used to describe situations in which one person induces the formation or modification of a contract by threatening another person's financial interests.
Economic Duress
Important, significant, or relevant fact.
Material
Contracts can be voidable if the person was inebriated.
Intoxication
This is used to prevent injustice where one party makes a promise, and the other party relies on it to their detriment, even though there's no formal contract.
Promissory Estoppel
Both parties agree about the same error.
Mutual Mistake
The relationship between the parties is either one of trust and confidence or one in which the person exercising the persuasion dominates the person being persuaded.
Undue Influence
Dependence on another party's words or actions.
Reliance
The flip side of ratification.
Disaffirmance