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problem 1: When one party inadvertently uses the wrong words in stating the contract, the contract will be:

a. Void.
b. Binding on the party making the mistake.
c. Binding on the party making the mistake only if it was reasonable for the other party to rely on the inadvertent words and enter the contract.
d. Voidable by the party making the mistake since the second party should not be allowed to “snap up” the mistaken offer.

problem 2: When both parties find that the quality of the subject matter of a contract is substantially different from what they contemplated:

a. The contract is void.
b. The injured party may be allowed to repudiate the contract if the court decides he or she should not be the party to bear the risk.
c. Either party may repudiate the contract since they were both aware at the time of the contract that the value of the subject matter might change.
d. All of the above. 

problem 3: Non est factum is:

a. A defence that protects people who are blind, illiterate, or unable to read the language of the contract they signed from being bound by a contract with a serious mistake. The contract would be void.
b. A rule used in standard form contracts that are vague but held to be enforceable. The courts use the meaning of the words least favourable to the author of the contract.
c. A mistake about the terms of the contract that occurs because there was not a meeting of the minds.
d. An obligation for a party who benefits from the contract to make restitution to the mistaken party.
 
problem 4: Which of these may be a statement of fact when determining whether misrepresentation has occurred?

a. Vague statements that aggrandize the product’s virtues.
b. An expert opinion.
c. A statement of future conduct.
d. All of the above. 
 
problem 5: Which of these are not true of undue influence?

a. It refers to improper use by one person of the power he or she has over another person to compel the other person to enter into a contract.
b. It is presumed in a special relationship of trust, as between a teacher and student.
c. It makes the contract void.
d. All of the above are true.

Business Law & Ethics, Finance

  • Category:- Business Law & Ethics
  • Reference No.:- M97137

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