Affirmation of contract

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Updated: Aug 20, 2021

A person induced to enter a contract by a misrepresentation may be bound by the contract, and lose his right to rescission and/or damages, if he expressly or implicitly affirms the contract with full knowledge of the facts. This he may do by verbal affirmation or simply by failing to take action within a reasonable time.

Reference: The Penguin Business Dictionary, 3rd edt.



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James Knight
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James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.