Exam 13: Reality of Consent

On May 6,Robbie entered into a signed contract with Ed,whereby Robbie agreed to sell Ed a painting with a fair market value of $350,000 for $130,000.Robbie believed the painting was worth only $130,000.Unknown to either party,the painting was destroyed by fire on May 4.If Ed sues Robbie for breach of contract,Robbie's best defense is:

Jerry owns a parcel of land.Nate,one of Jerry's closest friends and an attorney,persuaded Jerry to sell the land to Nate at a price substantially below fair market value.At the time Jerry sold the land,he was resting in a nursing home recovering from a serious illness.If Jerry desires to set aside the sale,which of the following causes of action is most likely to be successful?

To recover damages for the tort of deceit,a plaintiff would have to prove:

A person who seeks to recover damages for deceit has to establish,apart from the elements of rescission,an additional element of:

Give two reasons why the differences between fraud and misrepresentation are relevant.

To establish a cause of action based on fraud in the inducement,one of the elements the plaintiff must generally prove is that:

Which of the following,in the context of contracts,means to terminate the contract as to future transactions or to annul the contract from the beginning?

In Timothy v.Keetch,the case in the text,the court held that:

A famous journalist predicted the result of an NBA match between the LA Groves and LA Phantoms in favor of the Phantoms,based on the present form of Groves.Accordingly,Mark placed a huge bet on the Phantoms and lost heavily.This is an example of misrepresentation of a material fact of a contract.

Martin Nowak,an accountant,entered into a written contract with Jane Gibson to perform certain tax services for Jane.Shortly thereafter,Jane was assessed additional taxes and she wanted to appeal the assessment.Jane was required to appeal immediately and the workpapers held by Martin were necessary to appeal.Martin refused to furnish Jane with the workpapers unless he was paid a substantially higher fee than was set forth in the contract.Jane reluctantly agreed in order to meet the filing deadline.The contract as revised is:

Which of the following elements establishes a case of duress?

Which of the following is not a required element to avoid a contract due to mutual mistake?

In which of the following cases can the remedy of rescission be invoked by the affected party?

Undue influence cases often involve a relationship of trust and confidence between the contracting parties.

Which of the following statements about mutual mistake of a basic assumption is true?

The primary distinction between an action based on innocent misrepresentation and an action based on common law fraud is that,in the former,a party need not allege and prove:

Which of the following is true of the remedies for misrepresentation and fraud?

In Patterson v.CitiMortgage,Inc. ,the case in the text,the court held that:

To rescind a contract means to cancel it.

The main difference between concealment and nondisclosure is that: