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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
Mistake
Undue influence
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A voidable contract may be rescinded.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
had no knowledge of the mistake
made a mistake also
knew 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
Misrepresentation
Undue influence
Duress
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
Negligent
misrepresentation
Intentional misrepresentation
Innocent misrepresentation
Innocent misrepresentation
A misrepresentation is an untruthful assertion by one of the parties about a __________.
Multiple Choice
material fact
issue of law
inadmissible evidence
clerical error
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
Undue influence
Misrepresentation
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.
Can sell it but must share the profits with the other party.
Can sell it and keep all the profits.
May keep 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A unilateral contract may be rescinded if: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
misrepresentation
unilateral mistake
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
Low
Moderate
High
Taking advantage of one's dominant position in a relationship to unduly persuade the other party is known as __________.
Multiple Choice
bullying
duress
misrepresentation
undue influence
undue influence
Which of the following is a much more visible and active inference with free will than undue influence?
Multiple Choice
Assent
Misrepresentation
Mistake
Duress
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
Innocent misrepresentation
Negligent misrepresentation
Intentional misrepresentation
Negligent misrepresentation
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