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For each of the following, identify in column 1 the category to which the account belongs, in column 2 the normal balance for the account, in column 3 the financial statement that the account in which the account balance is reported, and in column 4 the account's nature (permanent/temporary).
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Unilateral Mistake
The result of an error by one party about a material fact, that is, one that is important in the context of a particular contract.
Genuine Assent
An agreement to enter into a contract that is not clouded by factors such as fraud, duress, or mistake, indicating true and voluntary agreement.
Misrepresentation
A false statement of fact made by one party to another party, which has the effect of inducing that party into a contract.
Undue Influence
The situation in which one person has taken advantage of his or her dominant position in a relationship to persuade the other person unduly to the extent that the dominant person’s persuasive efforts have interfered with the other person’s ability to make his or her own decision.
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