Exam 12: Genuineness of Assent and Statute of Frauds

A fully-performed oral contract that should have been in writing under the Statute of Frauds can be rescinded by either party.

Many state Statutes of Frauds require that agents' contracts to sell real property covered by the Statute of Frauds be in writing to be enforceable.This requirement is often referred to as the equanimity rule.

Fraud in the inducement occurs when the innocent party knows what he or she is signing but has been fraudulently induced to enter into the contract.

Fraud by proxy occurs when one party takes specific action to conceal a material fact from another party.

The threat to bring a civil lawsuit in order to obtain a settlement agreement can be duress,even if the lawsuit is legitimate.

With a misrepresentation of law,the innocent party cannot generally rescind the contract,because each party to a contract is assumed to know the law that applies to the transaction.

In general,a party to a contract has a duty to disclose all relevant facts to the other party.

The threat to commit extortion unless someone enters into a contract constitutes duress.

Duress requires an unwanted touching or physical threat forcing a party into a contract.

Because of the formality required by the Statute of Frauds,a contract must have been drafted by an attorney in order to meet the Statute of Frauds requirements.

Any oral or written words outside the "four corners" of a written contract are called probationary evidence.

When a contract is required to be in writing under the Statute of Frauds,which signatures must be on the contract when one party sues the other for enforcement of the contract?

To be actionable as fraud,a misrepresentation must be of a past or existing ________ fact.

Robert is a pastor at United Flock Church.One of the members of his congregation,Mrs.Smith,is a very devout believer.Robert convinces Mrs.Smith to sell him her farm for $5,000.The actual value of the farm is $500,000.Mrs.Smith dies and her estate sues to get her farm back.Which of the following best describes this situation?

As long as other requirements are met,a writing may satisfy the Statute of Frauds even if it is on a paper towel.

The one-year period for determining whether a contract is required to be in writing under the statute of frauds is measured from the date that:

Assuming that there are legitimate grounds for any of the following lawsuits,the threat to bring which lawsuit(s)would constitute grounds for duress?

Generally,a unilateral mistake does not allow either party to rescind the contract.

An integration clause is also known as a segregation clause.

If someone buys a piece of artwork that neither the buyer nor seller knows is a masterpiece,this is considered a mutual mistake of value.Can the seller rescind such a contract? If,however,a buyer and seller think the piece of artwork being sold is a particular masterpiece,but in fact it is not,this is considered a mutual mistake of fact.Can the buyer in this case rescind the contract? Why is the result different in these two situations? What is different about the two situations that would suggest that they have different outcomes?