DEFINITIONS Define or give the meaning of the following:Consent- Acceptance-Natural elements- Option contractMistake of law DISCUSSIONS When is a contract voidable or annullable?Is it always required that he who alleges fraud or mistake in entering into a contract, must prove hiss allegation? Explain.Give the requisites in order that intimidation may vitiate or annul consent of a party to a contract.May fraud be commuted by a party to a contract though there is no mis interpretation on his part? Explain.Will the acceptance of a business advertisement of a thing for sale produce the perfection of a contract? Explain. PROBLEMS Explain or state briefly the rule or reason for your answer. In a contract containing an option period, when is the offerer not allowed to withdraw his offer even before acceptance by the offeree? When is the offerer allowed to withdraw his offer even after acceptance?S sold his house to B believing that B was C. Can S legally withdraw from the contract on the ground of mistake.S agreed to deliver to B 500 cavans of rice at P600 per cavan. S delivered only 490 cavans deliberately misrepresenting that the delivery consisted of 500 cavans. Can B ask the court to annul the contract on the ground of fraud?S sold B a commercial land for P1,000,000. S assured B that it is certain that in two years time, the land would increase in market value by 50% or 1,500,000. It turned out that the market value of the land even decreased to about P800,000. Is S liable to B for misinterpretation?Suppose in the same problem, what S sold to B, hardware owner, are 500 bags of cement. S had every reason to believe that the price of cement would go down. After two weeks, it did go down. Has B the right to have the sale annulled?

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Answered: DEFINITIONS Define or give the…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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DEFINITIONS

Define or give the meaning of the following:

Consent-
Acceptance-
Natural elements-
Option contract
Mistake of law

DISCUSSIONS

When is a contract voidable or annullable?
Is it always required that he who alleges fraud or mistake in entering into a contract, must prove hiss allegation? Explain.
Give the requisites in order that intimidation may vitiate or annul consent of a party to a contract.
May fraud be commuted by a party to a contract though there is no mis interpretation on his part? Explain.
Will the acceptance of a business advertisement of a thing for sale produce the perfection of a contract? Explain.

PROBLEMS

Explain or state briefly the rule or reason for your answer.

In a contract containing an option period, when is the offerer not allowed to withdraw his offer even before acceptance by the offeree? When is the offerer allowed to withdraw his offer even after acceptance?
S sold his house to B believing that B was C. Can S legally withdraw from the contract on the ground of mistake.
S agreed to deliver to B 500 cavans of rice at P600 per cavan. S delivered only 490 cavans deliberately misrepresenting that the delivery consisted of 500 cavans. Can B ask the court to annul the contract on the ground of fraud?
S sold B a commercial land for P1,000,000. S assured B that it is certain that in two years time, the land would increase in market value by 50% or 1,500,000. It turned out that the market value of the land even decreased to about P800,000. Is S liable to B for misinterpretation?
Suppose in the same problem, what S sold to B, hardware owner, are 500 bags of cement. S had every reason to believe that the price of cement would go down. After two weeks, it did go down. Has B the right to have the sale annulled?

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