Voidable Contracts and Remedies

Front

Intent and negotiation are aspects of which contract requirements?

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offer & acceptance

Front

The "things of value" that must be exchanged in order for a contract to be legal are called the...

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consideration

Front

The ability for a person to even enter into a legal contract is called...

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capacity

Front

Clear, timely and honest communication is a necessary aspect of which parts of a contract?

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all of these

Front

Fraud, misrepresentation, mistake, duress and undue influence all could mean...

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a contract is invalid even though it meets the 6 requirements

Front

Which of the following is true of a fraud lawsuit? it can only be for the value of the injury caused by the fraud, the court will allow the plaintiff more than the value of the damage caused by the fraud in order to discourage fraud in society as a whole, it so weakens society that you don't even need to have a trial, just tell the police, it can happen by accident

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the court will allow the plaintiff more than the value of the damage caused by the fraud in order to discourage fraud in society as a whole

Front

Which of the following situations could be a legitimate case for a fraud lawsuit? a person sells you a piece of jewelry they truly believe belonged to a famous person, but you find out, after you bought it, it really didn't; a person sells you a piece of jewelry that really did belong to a famous person, but makes up a story about what the piece of jewelry meant to that famous person; a person sells you a piece of jewelry that they have told other people lies about, but they did not tell those lies to you when they sold it to you and you never heard the lies; a person tells you a lie about who owned a piece of jewelry, but all you care about is the quality of the piece, not who owned it; a person sells you a piece of jewelry they lied about, you bought it because of the lie, but when you have it appraised you find out that you didn't pay any more for it because of the lie.

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a person sells you a piece of jewelry that really did belong to a famous person, but makes up a story about what the piece of jewelry meant to that famous person.

Front

What is the simplist and most common remedy for breach of contract? Options: just don't fullfill your end of the contract, sue them, call the police, threaten them

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just don't fullfill your end of the contract

Front

In Japan which of the following is more difficult to do than in the U.S.?
Options: taking back an offer once you have accepted it, suing someone who has not paid you for a good or service, both of these, neither of these

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both of these