Either party can choose to the contract in cases where both partiess to a contract are mistaken about either a current or a past material fact. O Refute O Confirm Rescind O Disclaim O Uphold
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- Determine whether the statement is legally correct (true) or not (false). Even where the contract has not been reduced to the required form, it is still valid and binding as far as the parties are concernedUnder which of the following circumstance a contract does not exist a- The contract was not approved in a written form b- The parties of the contract have reached unanimous consent regarding termination of the contract c- The contract has no fixed duration and can be terminated or modified by either party at any time d- None of themIs there any exception to the rule that the particular motives of the parties in entering into a contract are different from the cause of the contract? If there is, what is it? Give examples.
- Explain whether the following statement is true: “Duress is an unlawful threat of harm or injury made by one contracting party or someone acting for thatparty and which causes the other party to enter into the contract. It results in no consensus betweenthe parties and a void contract.”Which of the following mistakes that does NOT render an agreement defective? A) identity of the party or parties B) identity of the subject matter C) terms of the contract D) existence of the subject matterFirst Statement: If the words of the contract are clear and leave no doubt on the intention of the parties, interpretation of contracts may be proper. Second Statement: In case of gratuitous contracts, doubts shall be resolved in favor of greatest reciprocity of interest. a.The first statement is true; the second is false b.Both are false c.Both are true d.The first statement is false; second is true
- A contract that only one of the parties can enforce in a court is not valid. True FalseFormalities in a contract can be self-imposed by the parties to a contract. Select one: True FalseDetermine whether the statement is legally correct (true) or not (false). 1. An offer is subject to the complete will of the offeror and may be withdrawn or destroyed prior to its acceptance. 2. Actual delivery and payment is needed to establish existence of valid contract of sale.
- As a general rule, one of the elements needed to make an agreement binding is consideration. True False An approach to consideration is the following: Consideration is a benefit received by the promisor or a detriment incurred by the promise. This is known as: A. Bargained-for exchange B. Goodwill C. Benefit/detriment D. Promissory estoppelAn antenuptial contract must be notarially executed to be valid between the contracting parties. True or false?True or False. An arbitration clause in a contract requires that any dispute concerning the contract be resolved by a mediator.
