B fraudulent misrepresentation c duress d mistake

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b. fraudulent misrepresentation. c. duress. d. mistake.ANSWER= AMargaret signs a contract to purchase a new car, and on the back side of the agreement in fine print too small to read, Margaret agrees to waive her right to a jury trial and submit to mandatory arbitration, with Margaret paying all of the costs of arbitration in the event of a dispute. Margaret files suit over the condition of the vehicle, and the dealer files a motion to compel arbitration. The court will likely:a. require Margaret to pay all of the costs of arbitration. b. allow Margaret to return the vehicle to the dealer in return for the monies paid to the dealer. c. refuse to enforce the mandatory arbitration provision. d. enforce the mandatory arbitration provision.ANSWER= C16.1Every state has a statute specifying what types of contracts must be in writing; this is often called the Statute of Frauds.a. Trueb. FalseANSWER= TRUE
The primary purpose of the writing requirement is to prevent harm to ____ by requiring written evidence of agreements concerning important transactionsinnocent partiesall those who purchase necessariesminorsthe mentally incompetentANSWER= INNOCENT PARTIESContracts that must be in writing include contracts involving interests inland, contracts that cannotby their termsbe performed withinone yearfrom the day after the date of formation,collateral, or secondary, contracts, such as promises to answer for the debt or duty of another, promises made in consideration ofmarriage, and underthe Uniform Commercial Code, contracts for the sale of goods priced at$500or more.What does the Statute of Frauds do?a. It sets forth a definition of fraud and outlines the punishments for fraud. b. It denies enforceability to certain contracts that are not in writing. c. It is a bridge between contract law and tort law because of the connection with fraud. ANSWER= BWhich three of the following items are considered land according to the Statute of Frauds?a. soil b. furniture c. trees d. buildings e. cars parked in garagesANSWER= A C DThe reasoning behind the one-year rule under the Statute of Frauds is that:a. the parties' memory of their contract terms is not reliable for longer than a year. b. most contracts are invalid if they last more than a year. c. because of the Statute of Frauds, there is no objective theory of contracts.
ANSWER= A A contract must be in writing if it cannot be completed within one year of the date on the contract.a. Trueb. FalseANSWER=TRUEThe test for determining whether an oral contract is enforceable under the one year rule is whether performance is ____ within one year from the day after the date of the contractunlikely to occurobjectively impossibletheoretically possibleANSWER= THEORETICALLY POSSIBLEA collateral promise is one made by a third party to assume the debts or obligations of a primary party to a contract if the primary party does not perform.

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