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ch14 bus law

QuestionAnswer
A mistake of fact cannot be unilateral false
A contract is always enforceable even if one party is aware that the other party made a mistake of fact false
If a price quotation contains a mistake in the adding of a number of figures, the contract may not be enforceable true
Overestimating the value of an object is a mistake for which a court will normally provide relief false
A mistake in judgment as to value is a ground to avoid a contract false
An innocent party can enforce a fraudulent contract true
Misrepresentation of a material fact is an element of fraud true
A statement of opinion is generally subject to a claim of fraud false
Misrepresentation of a material fact can occur only through words false
Intent to deceive is an element of fraud true
Forcing someone to enter into a contract through fear created by threats is duress true
An adhesion contract can occur in a one-sided transaction in which one party has substantially superior bargaining power true
Jill and Karl contract for the sale of Jill's horse. Unknown to either party, the horse has died. Karl is not required to pay due to the mutual mistake
A Company and B Properties, Inc., contract a sale of a mall. A mutual mistake of fact will make it possible for either party to rescind the contract if the mistake of fact is material
Great City and HCC enter into a contract that includes pages of detailed estimates. Great City, discovers that some numbers were added incorrectly, but HCC refuses to make changes. A court would most likely reform the contract to reflect the figures accurately
May is a stockbroker. Due to May's statements, Nora believes that the price of stock, is going to increase. Nora buys 500 shares but the price drops. Nora can successfully recover nothing
Gina induces Hu to enter into a contract for the purchase of a condominium about which Gina knowingly misrepresents a number of material features. When Hu discovers the truth, Hu can rescind the contract on the basis of fraud
In selling software to Payroll Services Corporation, Ray tells Payroll's purchasing agent that the software is "almost human." This is puffery
Allen, who is Beth's guardian, convinces her to buy a certain parcel of land from Chris at a greatly inflated price. Allen may be liable for undue influence
Gary threatens physical harm to force Hugh to sell his business, Imported Goods, Inc., to Gary for a below-market price. This is duress
Created by: kmorquecho on 2011-11-29



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