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cheeseman_buslaw7_tif_13

cheeseman_buslaw7_tif_13 - 13 GENUINENESS OF ASSENT AND...

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1) The assent of parties to a contract must be voluntary. Answer: TRUE Diff: 1 Topic: Assent 2) Assent may only be demonstrated by words. Answer: FALSE Diff: 2 Topic: Assent 3) Assent may still be present even if a party entered into a contract based on mistake. Answer: FALSE Diff: 2 Topic: Assent 4) A fraudulent misrepresentation may be used to show that genuine assent was lacking in a parties' contract. Answer: TRUE Diff: 2 Topic: Assent 5) When only one party to a contract is mistaken about a material fact that is the subject matter of the contract, that party will not be permitted to rescind the contract. Answer: TRUE Diff: 2 Topic: Mistakes 6) Generally, a unilateral mistake allows either party to rescind the contract if the other party knew or should have known that a mistake was made. Answer: TRUE Diff: 1 Topic: Mistakes 3 GENUINENESS OF ASSENT AND UNDUE INFLUENCE 13
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7) Generally, a mutual mistake does not allow either party to rescind the contract. Answer: FALSE Diff: 1 Topic: Mistakes 8) Generally, mistake in value allows for rescission. Answer: FALSE Diff: 1 Topic: Mistakes 9) Where two parties contract for the sale of an old violin, but neither party realizes that it is a rare and extremely valuable violin, this is a mutual mistake of fact allowing rescission. Answer: FALSE Diff: 2 Topic: Mistakes 10) An ambiguity in a contract will not constitute a mutual mistake of material fact. Answer: FALSE Diff: 2 Topic: Mistakes 11) Intentional misrepresentation is commonly referred to as "fraud." Answer: TRUE Diff: 1 Topic: Fraudulent Misrepresentation 12) A statement of opinion may form the basis for fraud. Answer: FALSE Diff: 2 Topic: Fraudulent Misrepresentation 13) So long as the plaintiff in a fraud in the inducement case actually relied on the defendant's false statement, the reliance element is met. Answer: FALSE Diff: 2 Topic: Fraudulent Misrepresentation 4
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14) A prediction, if proven to be incorrect, can form the basis of a fraud case. Answer: FALSE Diff: 1 Topic: Fraudulent Misrepresentation 15) Fraud in the inception exists when the misrepresentation occurs at the beginning of negotiations. Answer: FALSE Diff: 2 Topic: Fraudulent Misrepresentation 16) Silence is actionable misrepresentation anytime it relates to a material fact. Answer: FALSE Diff: 2 Topic: Fraudulent Misrepresentation 17) A misrepresentation of law is actionable if one party to the contract is a professional and should know what the law is and intentionally misrepresents the law to a less sophisticated contracting party. Answer: TRUE Diff: 2 Topic: Fraudulent Misrepresentation 18) In order to recover damages for fraud, the innocent party must prove that the fraud caused economic injury. Answer: TRUE Diff: 2 Topic: Fraudulent Misrepresentation 19) Ordinarily, silence is not a misrepresentation.
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