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Exam 17: Legal Assent

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Question 21

Multiple Choice

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Which of the following involves a promise to buy or sell that the courts will require the parties to obey?

A) Bilateral assent
B) A special agreement
C) Legal assent
D) Contractual affirmance
E) Legal affirmance

F) B) and E)
G) A) and D)

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Question 22

Multiple Choice

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The resulting contract from an agreement reached because one of the parties has so much more bargaining power than the other that he or she dictates the terms of the agreement is called which of the following?

A) An outrageous contract
B) An out-of-bounds contract
C) An adhesion contract
D) An untrue contract
E) An unaffirming contract

F) B) and C)
G) C) and D)

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Question 23

Multiple Choice

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The reasoning in innocent misrepresentation cases resembles the reasoning in a[n] ______ case.

Which of the following was the result on appeal in the case of Evan Rothberg v. Walt Disney Pictures, the case in the text in which the defendant allegedly used undue influence to obtain a release of employee benefits from a person in the hospital dying of AIDS?

Unconscionability is a concept strictly limited today to the sale of goods.

A[n] ______ mistake is a mistake that is shared by both parties to an agreement.

"Cheap Motorcycle." Tony, a hateful, disgruntled, business law teacher notices that a student, Peter, who is past the age of majority, has a nice motorcycle that is for sale. Peter has struggled through school, is in his last semester, and needs to pass business law in order to graduate. Tony tells Peter that he would like to see Peter pass and, in the next sentence, says that he wants to buy the motorcycle for $100, a price far below the value of the motorcycle. Peter asks if Tony is serious about the price, and Tony replies, "I have the power here! Take it or leave it!" Tony proceeds to draw up a contract for the sale of the motorcycle for $100 which Peter signs. Peter does some research and finds that Tony has had several arrests for driving under the influence in a nearby town. As an act of revenge, Peter tells Tony that unless Tony sells Peter his new Mustang convertible for $50, he is publishing the facts about the arrests in the school newspaper. Tony reluctantly agreed to the deal. -Which of the following is true if Tony seeks to rescind the contract for the sale of the Mustang?

In China which of the following is true regarding the treatment of fraudulent misrepresentations by outsiders?

Which of the following is found when one party was forced into an agreement by the wrongful act of another?

Constance was buying a used personal watercraft from Ralph. He told her that the engine on the watercraft was in good shape. Constance agreed to pay Ralph $4,000 for the watercraft. She was going to be out of town on vacation, so Ralph and Constance agreed that when she returned in a week, she would bring over the money and pick up the watercraft. During that week, Ralph was notified by the manufacturer that the watercraft was being recalled because it had a faulty engine that needed repair. Ralph said nothing about the condition of the engine or the recall when Constance came to pick up the watercraft. They chatted about other matters; she gave him the $4,000, and took the watercraft. Later, Constance started having problems with the watercraft and found out that Ralph and other initial purchasers had been notified of the issue with the engine. She asked for a refund accusing Ralph of fraud. Ralph refused on the basis that he did not make any misrepresentation. Who is correct and why? For purposes of this question, assume that sales talk or puffery is not at issue.

"Scheming Friends." Willy very much wants to rent a basement apartment in Weaver's home. Willy threatens to tell all Weaver's friends that he and Weaver had been arrested for illegally smoking marijuana unless Weaver rents the apartment to him for $100 per month. (The information regarding the arrests is true.) Weaver reluctantly agrees to rent the apartment to Willy for $100 per month. Willy also wants to buy Weaver's car. Weaver runs back the odometer on the car before Willy test drives it. Willy is impressed by the low mileage and agrees to buy the car. Weaver offers to sell Willy a ring for Willy's fiancée. Weaver tells Willy that the ring is a diamond and believes that to be true. After the deal is made, however, a jeweler friend of Weaver informs him that the ring is a fake. When Willy shows up with the money, Weaver says nothing. He just hands Willy the ring and takes the money. Later, Willy finds out that the odometer was run backwards from another friend to whom Weaver confided. Willy also finds out from his girlfriend that the ring is a fake. -Of which of the following is Willy guilty in threatening to tell friends about the arrest unless Weaver rents the apartment?

Set forth the exceptions that would permit a court to invalidate a contract on grounds of unilateral mistake.

What was the result in the Peerless case discussed in the text in which there were two ships named Peerless and the parties disagreed over which ship was the subject of the contract?

Mary and Jason discuss the fact that a new teacher is being hired for business law at their school. Jason mentions that he does not yet have a book, and Mary agreed to sell Jason a used business law book for $30 for the upcoming semester. When the new semester begins, the new business law teacher announces that a new custom business law text will be used that is only available in the campus bookstore. Jason wants a refund. Which of the following is Mary's best defense?

Which of the following is true regarding the elements that must be satisfied in order for a mutual mistake to interfere with legal consent?

Set forth the factors referenced in the text that enter into a finding of whether undue influence exists.

Although there are some exceptions, a[n] ______ mistake does not generally void a contract.

Which of the following was the result on appeal in the Case Opener involving the claim that Michael Jordan owed $5 million based on his agreement to pay the plaintiff's mother on the premise that he was the father although it was later determined that the child was not his?

"Pet Pig Farm." Marcy wanted to buy Lucy's land and use it to breed small pigs to be kept as pets. Marcy told Lucy that having water on the property was very important although she did not mention to Lucy her plan to breed small pigs. Lucy assured her that a spring ran through one corner of the property. Therefore, Marcy agreed to buy the farm. Marcy, who loved pigs, assumed that the neighbors would be pleased with the pigs being in the area. Lucy also agreed to sell Marcy a used truck for $5,000. After the contract for the land sale was entered into, Marcy had a land survey done, and it was discovered that actually the spring did not run through the corner of Lucy's property. The area in which the spring ran actually belonged to a neighbor. Additionally, when Lucy brought Marcy the used truck, Marcy said, "That's not the truck!" It was discovered that Lucy, who had two trucks, thought that Marcy had bought the older truck although Marcy thought she had purchased the newer truck. Marcy was also surprised when she received a petition signed by all surrounding landowners objecting to the presence of the pigs and threatening to sue Marcy for nuisance. It will cost Marcy more than she had agreed to pay Lucy in order for Marcy to obtain a similar farm which actually has a spring on it. -Which of the following is the most likely result in the dispute between Marcy and Lucy regarding which used truck was sold assuming that both Marcy and Lucy were innocently mistaken and did not intend to defraud the other?

"Cheap Motorcycle." Tony, a hateful, disgruntled, business law teacher notices that a student, Peter, who is past the age of majority, has a nice motorcycle that is for sale. Peter has struggled through school, is in his last semester, and needs to pass business law in order to graduate. Tony tells Peter that he would like to see Peter pass and, in the next sentence, says that he wants to buy the motorcycle for $100, a price far below the value of the motorcycle. Peter asks if Tony is serious about the price, and Tony replies, "I have the power here! Take it or leave it!" Tony proceeds to draw up a contract for the sale of the motorcycle for $100 which Peter signs. Peter does some research and finds that Tony has had several arrests for driving under the influence in a nearby town. As an act of revenge, Peter tells Tony that unless Tony sells Peter his new Mustang convertible for $50, he is publishing the facts about the arrests in the school newspaper. Tony reluctantly agreed to the deal. -Which of the following is true if Peter seeks to rescind the contract for the sale of the motorcycle?