Ch14-TB2-WBL-10e

Ch14-TB2-WBL-10e - Chapter14 GenuinenessofAssent

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
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. A mistake in value will usually enable a party to a contract to avoid it. ANSWER: F PAGE: 277 TYPE: = 2. A unilateral mistake always affords the mistaken party a right to relief  from the contract. ANSWER: F PAGE: 280 TYPE: = 3. Even if an obvious, significant clerical error exists in a written contract, the  contract is enforceable. ANSWER: F PAGE: 280 TYPE: + 4. A  general contractor who   knows   that a subcontractor’s bid is a mistake  cannot enforce the bid. ANSWER: T PAGE: 280 TYPE: + 135
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
136 TEST BANK 2—UNIT THREE: CONTRACTS AND E-CONTRACTS 5. A general contractor who  suspects  that a subcontractor’s bid is a mistake  can still enforce the bid. ANSWER: F PAGE: 280 TYPE: = 6. If the subject matter of a contract turns out to be more valuable than one of  the parties believed it would be, that party can rescind the contract. ANSWER: F PAGE: 280 TYPE: = 7. An innocent party can rescind a fraudulent contract. ANSWER: T PAGE: 280 TYPE: + 8. An innocent party may not seek damages for an injury resulting from  fraud. ANSWER: F PAGE: 280 TYPE: = 9. Reliance on an  “expert’s” statement of opinion may be the basis for an  action based on fraud. ANSWER: T PAGE: 281 TYPE: + 10. A seller’s attempt to conceal a fact that is material to a contract can give  rise to an action for fraud. ANSWER: T PAGE: 282 TYPE: N 11. A seller’s failure to volunteer certain material information about a product  for sale will  never  give rise to an action for fraud. ANSWER: F PAGE: 283 TYPE: N 12. A seller’s failure to volunteer certain material information about a product  for sale will  always  give rise to an action for fraud. ANSWER: F PAGE: 283 TYPE: + 13. A seller’s failure to disclose a serious defect about a product for sale  may  give rise to an action for fraud.
Background image of page 2
GENUINENESS OF ASSENT 137 ANSWER: T PAGE: 283 TYPE: = 14. One of the elements of fraudulent misrepresentation is the innocent party’s  reliance on the misrepresentation. ANSWER: T PAGE: 283 TYPE: N 15. Scienter  exists if a party makes a statement that he or she does not believe  is true. ANSWER:
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

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.

Page1 / 13

Ch14-TB2-WBL-10e - Chapter14 GenuinenessofAssent

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online