True/False
Indicate whether the
statement is true or false.
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1.
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A mistake of fact cannot be bilateral.
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2.
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A mistake in value will usually enable a party to a contract to avoid it.
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3.
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Even if an obvious, significant clerical error exists in a written contract, the
contract is enforceable.
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4.
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A general contractor who knows that a subcontractor's bid is a
mistake cannot enforce the bid.
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5.
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A general contractor who suspects that a subcontractor's bid is a
mistake can still enforce the bid.
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6.
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To reform a contract is to cancel it.
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7.
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If the subject matter of a contract turns out to be more valuable than one of
the parties believed it would be, that party can rescind the contract.
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8.
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An innocent party can rescind a fraudulent contract.
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9.
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An innocent party may seek damages for a fraudulent contract.
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10.
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Reliance on an "expert's" statement of opinion may be the basis
for an action based on fraud.
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11.
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Misrepresentation of a material fact can occur through words alone.
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12.
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To recover for fraud, a plaintiff must be under twenty-one years of age.
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13.
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Misrepresentation of a material fact cannot occur through conduct alone.
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14.
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A seller's failure to disclose a serious defect about a product for sale
may give rise to an action for fraud.
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15.
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Justifiable reliance is an element of fraud.
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16.
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Scienter exists if a party makes a statement that he or she does not
believe is true.
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17.
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An innocent misrepresentation is not a basis for rescinding a
contract.
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18.
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A contract entered into under undue influence is voidable.
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19.
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Forcing someone to enter into a contract through fear created by threats is
undue influence.
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20.
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A contract is termed an adhesion contract when both parties adhere
to it.
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