Genuine Agreement, Capacity, Legality

Question 1

A statement a person made that that they did NOT verify was true and ended up being false.

Accepted Answer

False Misrepresentation

Question 2

ME - I will sell you land on Main Street. You - Ok, I'll take it! Me- Main St., Ohio YOU - Main St, NY

Accepted Answer

Bilateral mistake on subject matter

Question 3

Contracts that lack genuine agreement are considered Defective

Accepted Answer

True

Question 4

A deliberate deception intended to secure an unfair or unlawful gain is called a MISTAKE

Accepted Answer

False

Question 5

Under a Unilateral Contract a court WILL NOT grant rescission.

Accepted Answer

True

Question 6

Untrue statement of fact, that at the time, you didn't know to be false

Accepted Answer

Innocent Misrepresentation

Question 7

Who below may lack contractual capacity?

Accepted Answer

All of the Above

Question 8

What is the legal ability to enter into a contract?

Accepted Answer

Capacity

Question 9

A minor in New York that lied about her age can NOT disaffirm a contract.

Accepted Answer

False

Question 10

A banking contract entered into by a minor cannot be disaffirmed.

Accepted Answer

True

Question 11

An act after you reach the age of majority indicating intent to be bound by the contract

Accepted Answer

Ratification

Question 12

A contract by a minor to lease an apartment can be disaffirmed.

Accepted Answer

False

Question 13

When a contract is RESCINDED, the contract is set aside and treated as though it was never made.

Accepted Answer

True

Question 14

Threat of physical force to enter a contract

Accepted Answer

Emotional Duress

Question 15

Exaggerated sales talk NOT considered to be false misrepresentation.

Accepted Answer

Puffery

Question 16

A contract that has already been ratified cannot be disaffirmed.

Accepted Answer

True

Question 17

Laws that require those working in a trade to have special certification

Accepted Answer

Licensure Laws

Question 18

Who is a person who has not reached the legal age of adulthood by law?

Accepted Answer

Minor

Question 19

A minor can be held responsible (can't disaffirm) for which of the following:

Accepted Answer

Car Insurance

Question 20

A party to contract that has contractual capacity over 18 years old

Accepted Answer

Majority

Question 21

When selling your motorcyle you choose NOT to tell that the engine leaks oil

Accepted Answer

Concealment

Question 22

What do you call an individual who agrees to commit crimes for a promised consideration?

Accepted Answer

Person involved in a conspiracy

Question 23

When one person makes a mistake in a contract, they MAY still be held accountable for the contract terms.

Accepted Answer

True

Question 24

Threatening a Person's Business to force someone into a contract

Accepted Answer

Economic Duress

Question 25

Goods and services reasonably needed to survive

Accepted Answer

Necessaries

Question 26

A contract made for non-necessaries requires a minor to return goods purchased.

Accepted Answer

True

Question 27

Under a Bilateral Contract a court WILL NOT grant rescission.

Accepted Answer

False

Question 28

Giving back what you have received under a contract and requesting the return of what you gave

Accepted Answer

Disaffirmance

Question 29

Agreement in which one party wins and one loses

Accepted Answer

Gambling

Question 30

Overcoming a person's will by force/threats

Accepted Answer

Duress

Question 31

Using unfair persuasive pressure to force another into a contract

Accepted Answer

Undue Influence

Question 32

A fact this is important and relied upon when entering an agreement.

Accepted Answer

Material Fact

Question 33

When one party relies on or places trust in another

Accepted Answer

Dependency Relationship

Genuine Agreement, Capacity, Legality

Questions 33

Genuine Agreement, Capacity, Legality

Questions 33