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Terms in this set (20)What exists if one party threatens the other party with physical harm to gain consent to a contract? Multiple Choice Misrepresentation Duress` A voidable contract may be rescinded. true A contract based on a unilateral mistake can be invalidated if one party made an error about a material fact and the other party __________. Multiple Choice had no reason to know about the mistake knew about the mistake Which of the following in not generally an obstacle to genuine assent in a contract? Multiple Choice Unilateral mistake Unilateral mistake Which of the following describes a false statement about a fact material to an agreement that the person who made the statement believed to be true? Multiple Choice Fraudulent misrepresentation Innocent misrepresentation A misrepresentation is an untruthful assertion by one of the parties about a __________. Multiple Choice material fact material fact Which obstacle to genuine asset exists when one party is forced into an agreement by the wrongful act of another? Multiple Choice Mistake Duress A mutual mistake of a material fact generally makes a contract voidable. true If a party rescinds a contract, what must they do with whatever they received from the other party? Multiple Choice Must return it. Must return it. Which one of the following conditions does not generally exist for a mutual mistake to interfere with legal consent? Multiple Choice The mutual mistake has a material effect on the agreement. The mutual mistake causes an adverse effect on a party that did not agree to bear the risk of the mistake. The mutual mistake is regarding a basic assumption of the subject matter of the contract. The mutual mistake is a mistake of value. The mutual mistake is a mistake of value. Nondisclosure occurs when a party tries to hide the truth about an important fact of the agreement. false A unilateral contract may be rescinded if: Multiple Choice One party made a mistake about a material fact and the other party either did not know or have any reason to know about the mistake. The mistake was caused by a clerical error that did not result from gross negligence. The mistake was not so serious that the contract is unconscionable. The mistake was caused by a clerical error that resulted from gross negligence. The mistake was caused by a clerical error that did not result from gross negligence. Jane is Harriet's caregiver. If Jane convinces Harriet to change her will and leave Jane all of her possessions, the will may be voidable due to __________. Multiple Choice duress undue influence Which of the following is true of a mutual mistake? Multiple Choice The mistake is caused by a clerical error that resulted from gross negligence. One party makes a mistake about a material fact that the other party is ignorant of. A contract entered into based on mutual mistake can be rescinded by either party. The mistake does not have material effect on the agreement. A contract entered into based on mutual mistake can be rescinded by either party. Courts will not rescind a contract for a misrepresentation made by one party. false What degree of trust generally exists when a party is able to unduly influence another party? Multiple Choice Depleted High Taking advantage of one's dominant position in a relationship to unduly persuade the other party is known as __________. Multiple Choice bullying undue influence Which of the following is a much more visible and active inference with free will than undue influence? Multiple Choice Assent Duress Scienter is present when the party accused of making a fraudulent assertion believed that the assertion was false. true Which type of misrepresentation exists when the party making the statement would have known the truth about the fact had it used reasonable care to discover it? Multiple Choice Fraudulent misrepresentation Negligent misrepresentation Sets found in the same folderBus. Law Exam #2: Ch. 9 (Intro Contracts, Agreemen…20 terms carsonsingerPLUS Bus Law Exam #2: Ch. 10 (Contracts-Consideration)…20 terms carsonsingerPLUS Bus Law Exam #2 Ch. 11 (Contracts-Capacity and Leg…20 terms carsonsingerPLUS Bus Law Exam #2 - Ch. 13 (Contracts in Writing, 3r…20 terms carsonsingerPLUS Other sets by this creatorPhilo 220 Comparative Religion - Ch. 1 Glossary of…23 terms carsonsingerPLUS Unit 5 (Ch. 10: Future of Hip Hop)15 terms carsonsingerPLUS Unit 5 (Ch. 9: Alt and Underground Hip Hop)44 terms carsonsingerPLUS Unit 4 (Ch. 8: Southern Style Rap)20 terms carsonsingerPLUS Other Quizlet setsEcon 165 Midterm128 terms alexiamadorr EAS 1600 Final Exam109 terms Dfabulous_234 Exam 2 ANS10 terms jillian_marin MBLEX PREP Kinesiology69 terms Macy_Mcclane1 Which of the following is true when there is a mutual mistake in a contract quizlet?The mistake was so serious that the contract is unconscionable. Which of the following is true when there is a mutual mistake in a contract? When both parties to a contract are mistaken about either a current or a past material fact, only the offeror can rescind the contract.
Which type of misrepresentation exists when the party making the statement would have known the truth about the fact had it used reasonable care to discover it?A negligent misrepresentation results when the party making the statement would have known the truth about the fact had she used reasonable care to discover or reveal it.
Which one of the following conditions does not generally exist for a mutual mistake to interfere with legal consent quizlet?Which one of the following conditions does not generally exist for a mutual mistake to interfere with legal consent? The mutual mistake is regarding a basic assumption of the subject matter of the contract. Nondisclosure occurs when a party tries to hide the truth about an important fact of the agreement.
When a contract is voidable it may be rescinded True or false?A voidable contract is an agreement between two people deemed unenforceable for one or more legal reasons. Just because a contract exists doesn't mean it's always enforceable. A voidable contract appears to be a legal contract when it's made; however, it can be annulled or rescinded in court.
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Which obstacle to genuine asset exists when one party is forced into an agreement by the wrongful act of another?
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