Ch14-TB1-WBL-10e

Ch14-TB1-WBL-10e - Chapter14 GenuinenessofAssent

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Chapter 14 Genuineness of Assent N.B.:   TYPE  indicates that a question is new, modified, or unchanged, as  follows. N A question  new  to this edition of the Test Bank. + A question  modified  from the previous edition of the Test Bank, = A question  included  in the previous edition of the Test Bank. TRUE/FALSE QUESTIONS 1. When both parties are mistaken as to the same material fact, neither party  can rescind the contract. ANSWER: F PAGE: 277 TYPE: = 2. If the parties to a contract attach materially different meanings to a con- tract term, the contract cannot be rescinded. ANSWER: F PAGE: 277 TYPE: N 3. A contract is always enforceable even if one party is aware that the other  party made a mistake of fact. ANSWER: F PAGE: 280 TYPE: = 4. If a price quotation contains a mistake in the adding of a number of figures,  the contract may not be enforceable. ANSWER: T PAGE: 280 TYPE: = 133
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134 TEST BANK 1: UNIT THREE: CONTRACTS AND E-CONTRACTS 5. Mistakes in judgment as to value or quality will permit one to avoid a  contract. ANSWER: F PAGE: 280 TYPE: = 6. Overestimating the value of an object is a mistake for which a court will  normally provide relief. ANSWER: F PAGE: 280 TYPE: = 7. An innocent party can enforce a fraudulent contract. ANSWER: T PAGE: 280 TYPE: = 8. One   of   the   elements   of   fraudulent   misrepresentation   is   an   adhesion  contract. ANSWER: F PAGE: 280 TYPE: N 9. A statement of opinion is generally subject to a claim of fraud. ANSWER: F PAGE: 281 TYPE: = 10. Reliance on a non-expert’s statement of opinion will not normally entitle a  party to relief. ANSWER: T PAGE: 281 TYPE: N 11. An expert’s false statement to a naive buyer about a technical detail will  not usually entitle the buyer to rescind a contract. ANSWER: F PAGE: 281 TYPE: = 12. An act of concealment,  with  an affirmative misrepresentation, will not be  sufficient to give rise to an action for fraud. ANSWER: F PAGE: 282 TYPE: = 13. One of the elements of fraudulent misrepresentation is intent to deceive. ANSWER: T PAGE: 283 TYPE: =
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CHAPTER 14: GENUINENESS OF ASSENT 135 14. A seller’s failure to volunteer certain pertinent information about a product  for sale will  never  give rise to an action for fraud. ANSWER: F PAGE: 283 TYPE: = 15. Reliance on a misrepresentation is justified if the misrepresentation is an  obviously extravagant statement. ANSWER: F PAGE: 283 TYPE: + 16. To rescind a contract for fraud, a plaintiff must prove an injury.
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This note was uploaded on 10/15/2010 for the course ACCT ACCT40 taught by Professor Birnbaum during the Fall '08 term at CUNY Brooklyn.

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Ch14-TB1-WBL-10e - Chapter14 GenuinenessofAssent

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