Question 1

All of the following statements refer to an element of fraud except:

Accepted Answer

A)  the defendant desired to obtain a financial benefit. 
B)  the defendant made a false statement. 
C)  the defendant knew that the statement was false or was recklessly indifferent regarding its truth. 
D)  the defendant intended for the other party to rely on the false statement. 
A)  the defendant desired to obtain a financial benefit. 
B)  the defendant made a false statement. 
C)  the defendant knew that the statement was false or was recklessly indifferent regarding its truth. 
D)  the defendant intended for the other party to rely on the false statement.

Question 2

A minor cannot avoid a contract that has been:

Accepted Answer

A)  ratified. 
B)  signed. 
C)  processed. 
D)  disallowed by the court. 
A)  ratified. 
B)  signed. 
C)  processed. 
D)  disallowed by the court.

Question 3

I believe that I own a very valuable vase.I tell you this information and state that I will sell it to you for $800.I sell the vase to you,and you later find out that the vase is worth only $200.Fraud:

Accepted Answer

A)  has occurred. 
B)  has not occurred. 
C)  can always be based upon a statement of opinion or value. 
D)  none of the above. 
A)  has occurred. 
B)  has not occurred. 
C)  can always be based upon a statement of opinion or value. 
D)  none of the above.

Question 4

In which of the following cases is a contract between A and B binding?

Accepted Answer

A)  A makes a mistake of material fact,and the mistake is unknown by B. 
B)  A and B make the same mistake of material fact. 
C)  A recklessly but honestly misrepresents a material fact. 
D)  A innocently misrepresents a material fact. 
A)  A makes a mistake of material fact,and the mistake is unknown by B. 
B)  A and B make the same mistake of material fact. 
C)  A recklessly but honestly misrepresents a material fact. 
D)  A innocently misrepresents a material fact.

Exam 14: Capacity and Genuine Assent

All of the following statements refer to an element of fraud except:

A minor cannot avoid a contract that has been:

I believe that I own a very valuable vase.I tell you this information and state that I will sell it to you for $800.I sell the vase to you,and you later find out that the vase is worth only $200.Fraud:

In which of the following cases is a contract between A and B binding?

The Nature and Sources of Law

The Court System and Dispute Resolution

Business Ethics, Social Forces, and the Law

The Constitution As the Foundation of the Legal Environment

Government Regulation of Competition and Prices

Administrative Agencies

The Legal Environment of International Trade

Crimes

Torts

Intellectual Property Rights

Cyberlaw

Nature and Classes of Contracts: Contracting on the Internet

Formation of Contracts: Offer and Acceptance

Consideration

Legality and Public Policy

Writing, Electronic Forms, and Interpretation of Contracts

Third Persons and Contracts

Discharge of Contracts

Breach of Contract and Remedies

Personal Property and Bailments

Legal Aspects of Supply Chain Management

Nature and Form of Sales

Title and Risk of Loss

Product Liability: Warranties and Torts

Obligations and Performance

Remedies for Breach of Sales Contracts

Kinds of Instruments, parties, and Negotiability

Transfers of Negotiable Instruments and Warranties of Parties

Liability of the Parties Under Negotiable Instruments

Checks and Funds Transfers

Nature of the Debtor-Creditor Relationship

Consumer Protection

Secured Transactions in Personal Property

Bankruptcy

Insurance

Agency

Third Persons in Agency

Regulation of Employment

Equal Employment Opportunity Law

Types of Business Organizations

Partnerships

LPs, LLCs, and LLPs

Corporate Formation

Shareholder Rights in Corporations

Securities Regulation

Accountants Liability and Malpractice

Management of Corporations

Real Property

Environmental Law and Land Use Controls

Leases

Decedents Estates and Trusts

Filters