Exam 15: Mistakes, Fraud, and Voluntary Consent

Flora enters into a contract with Global Shipping, Ltd., to insure and ship a painting from France to the United States for a certain price. Global makes a mistake in adding the costs, which results in a contract price that is $1,000 less than the true cost. Most likely, a court would

(Multiple Choice)

4.9/5

(64)

Question 61

A price quotation with a mistake in the adding of a number of figures will never render a contract unenforceable.

(True/False)

4.9/5

(77)

Question 62

Mark fails to reveal a material fact in a business deal with Nancy. This constitutes fraud if

(Multiple Choice)

4.9/5

(76)

Question 63

Fact Pattern 15-4 In selling a commercial building, Riley tells Sam that the property has a certain capacity, making it suitable for a nightclub. Riley knows nothing about the capacity of the building, but it is not as he specifies. Sam buys the building. -Refer to Fact Pattern 15-4. On learning the truth, Sam confronts Riley, who says he was not trying to fool Sam-he was only trying to make a sale. This is

(Multiple Choice)

5.0/5

(87)

Question 64

A mistake of fact cannot be unilateral.

(True/False)

4.8/5

(85)

Question 65

Carlos and David contract for the sale of five hundred head of Carlos's cattle for $95 per head. Unknown to either party, an unforeseen storm has struck the herd and many of the cattle have died. David is

(Multiple Choice)

4.8/5

(85)

Question 66

Voluntary consent is never lacking because of a mistake.

(True/False)

4.9/5

(69)

Question 67

Property Management, Inc. (PMI), presents a standard-form lease for an apartment to Quentin, a potential tenant. PMI offers it on a take-it-or-leave-it basis. Quentin signs it, but later wants to withdraw from it. He is most likely to avoid enforcement of the lease on the ground of

(Multiple Choice)

4.8/5

(73)

Question 68

Ruth, who is Sal's guardian, convinces him to buy a certain parcel of land from Tyrone at a greatly inflated price. Ruth may be liable for

(Multiple Choice)

4.8/5

(85)

Question 69

Courts may award punitive damages in fraud actions.

(True/False)

5.0/5

(82)

Question 70

For a party to a contract to receive relief from a mistake, the mistake must involve a material fact.

(True/False)

4.8/5

(79)

Question 71

Stan, a salesperson for Trucks & Autos, promises Uri a certain car will give him a "smooth ride." Stan offers a test drive, which Uri declines. He buys the car but soon realizes its suspension is in poor condition. Uri can rescind the contract on the ground of

(Multiple Choice)

4.8/5

(86)

Question 72

Showing 61 - 72 of 72

Exam 15: Mistakes, Fraud, and Voluntary Consent

Flora enters into a contract with Global Shipping, Ltd., to insure and ship a painting from France to the United States for a certain price. Global makes a mistake in adding the costs, which results in a contract price that is $1,000 less than the true cost. Most likely, a court would

A price quotation with a mistake in the adding of a number of figures will never render a contract unenforceable.

Mark fails to reveal a material fact in a business deal with Nancy. This constitutes fraud if

A mistake of fact cannot be unilateral.

Carlos and David contract for the sale of five hundred head of Carlos's cattle for $95 per head. Unknown to either party, an unforeseen storm has struck the herd and many of the cattle have died. David is

Voluntary consent is never lacking because of a mistake.

Property Management, Inc. (PMI), presents a standard-form lease for an apartment to Quentin, a potential tenant. PMI offers it on a take-it-or-leave-it basis. Quentin signs it, but later wants to withdraw from it. He is most likely to avoid enforcement of the lease on the ground of

Ruth, who is Sal's guardian, convinces him to buy a certain parcel of land from Tyrone at a greatly inflated price. Ruth may be liable for

Courts may award punitive damages in fraud actions.

​For a party to a contract to receive relief from a mistake, the mistake must involve a material fact.

Stan, a salesperson for Trucks & Autos, promises Uri a certain car will give him a "smooth ride." Stan offers a test drive, which Uri declines. He buys the car but soon realizes its suspension is in poor condition. Uri can rescind the contract on the ground of

Law and Legal Reasoning

Courts and Alternative Dispute Resolution

Court Procedures

Business and the Constitution

Business Ethics

Tort Law

Strict Liability and Product Liability

Intellectual Property Rights

Internet Law, Social Media, and Privacy

Criminal Law and Cyber Crime

Nature and Terminology

Agreement in Traditional and E-Contracts

Consideration

Capacity and Legality

The Writing Requirement in Our Digital World

Third Party Rights

Performance and Discharge

Breach of Contract and Remedies

The Formation of Sales and Lease Contracts

Title, Risk, and Insurable Interest

Performance and Breach of Sales and Lease Contracts

Warranties

International and Space Law

Negotiable Instruments

Transferability and Holder in Due Course

Liability, Defenses, and Discharge

Banking in the Digital Age

Creditors Rights and Remedies

Secured Transactions

Bankruptcy Law

Agency Formation and Duties

Agency Liability and Termination

Employment, Immigration, and Labor Law

Employment Discrimination

Small Businesses and Franchises

All Forms of Partnerships

Limited Liability Companies and Special Business Forms

Corporate Formation and Financing

Corporate Directors, Officers, and Shareholders

Mergers and Takeovers

Investor Protection, Insider Trading, and Corporate Governance

Administrative Agencies

Consumer Law

Environmental Protection

Antitrust Law

Professional Liability and Accountability

Personal Property and Bailments

Real Property and Landlord-Tenant Law

Insurance

Wills and Trusts

The Legal Environment of Business

Torts and Crimes

Contracts and E-Contracts

Domestic and International Sales and Lease Contracts

Negotiable Instruments

Creditors Rights and Bankruptcy

Agency and Employment

Business Organizations

Government Regulation

Property and Its Protection

Filters

For a party to a contract to receive relief from a mistake, the mistake must involve a material fact.