Examlex
If the structural unemployment rate is 3 percent,the frictional unemployment rate is 3 percent,and the current unemployment rate is 5 percent,then the economy is in a recessionary gap.
Offer
A proposal by one party to form a contract, which becomes binding if accepted by the party to whom it's made.
Genuineness Of Assent
Knowing and voluntary assent to the terms of a contract. If a contract is formed as a result of mistake, misrepresentation, undue influence, or duress, genuineness of assent is lacking, and the contract will be voidable.
Fraudulent Misrepresentation
Any misrepresentation, either by misstatement or omission of a material fact, knowingly made with the intention of deceiving another and on which a reasonable person would and does rely to his or her detriment.
Undue Influence
Undue Influence is a legal term referring to a situation in which an individual is able to persuade another’s decisions due to the relationship between the two parties.
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