Exam 8: Factors Affecting the Contractual Relationship

Which of the following will have the likely consequence of the court finding the contract void on the grounds of mistake?

You and your parents were both surprised when grandmother said the doctor told her to come for weekly checkups,because she didn't seem sick.Nevertheless,you dutifully took her to and from her appointments for a period of about six months.She never talked about these sessions,but loved to go.Now she has come to the family and said that she is sorry that she gave him the oil paintings and sold him the farm.On these facts,which of the following is false?

Explain what is meant by "vicarious performance."

Discuss what happens when the parties to a contract make mistakes with respect to what they have agreed.

An assignee is in no better position than the original contractor.

A unilateral mistake refers to a breach of a unilateral contract.

Jones offers to sell Smith his car.Smith thinks Jones is selling his 2015 Toyota,and Jones thinks he is selling his 2014 Buick.This is an example of which of the following?

Mrs.Sharp,the owner of a restaurant,induced the Morissons to buy the business by a misrepresentation; the invoices made her costs appear less than they actually were,and thus her profits more than they actually were.On these facts,which of the following is false?

Adam bought a boat from Charlie for $900 payable on November 6.On November 6,when Charlie came for the money,Adam didn't have it.Adam was,however,employed by Ms.Bey to do some market research.He was to be paid $1000 for his report,due on November 12.Charlie wanted an assignment of $900 of the amount Adam expected to receive November 12.Adam wrote out an assignment with all the essential information and signed it.Charlie gave written notice of the assignment with all pertinent information to Ms.Bey the next day,November 7.On November 12,Adam had not finished his report.The contract provided that he would lose $100 for every week he was late.Adam was two weeks late in submitting his report.Which of the following is true?

What is the term used to describe a claim that results in a court declaring a contract void because a party is unaware of the nature of the contract?

The court will not allow the careless party to escape responsibility when a shared mistake is the result of the negligence of one of the parties.

A and B entered into a contract for the purchase and sale of three grams of cocaine.B delivered the goods,but A didn't pay.If B sued for payment,the court would not enforce the contract because of which of the following?

Allen hired Beth to do a marketing survey.The contract provided that she would start the work on January 15 and finish it by March 15,the date for completion being a condition on the contract.She would be paid $2000.After one month of work,when the work was half completed,Beth assigned the $2000 contract price to Charlie,from whom she had bought computer hardware.Charlie gave written notice of the assignment to Allen on the same day.The second month's work went badly.Information entered into the computer was lost and Beth could not finish on time.She was five days late,and each day cost Allen $100.His total foreseeable loss was $500 because of her breach.On these facts,which of the following is true?

The contract for an Oakville property had been signed by both parties.Which of the following is necessary for the contract to be set aside on the grounds of misrepresentation?

With respect to having the court set aside a contract on the basis of undue influence,which of the following is false?

Correction by the court of the wording of a mistake in the contract is known as ________.

"Where fraudulent misrepresentation is involved,the victim can obtain rescission and/or damages but where innocent misrepresentation is involved,the only remedy is damages." Discuss the accuracy of that statement.

The Weyburn Farmers' Co-op contracted to sell a carload of grain to Mr.Takemori for $2000.The co-op assigned,in writing,its contractual right to receive the $2000 to the Royal Bank,to which it was indebted.The Royal Bank gave written notice of the assignment to Takemori.Unknown to the buyer and the seller,at the time of the contract the grain had been destroyed because of a train derailment caused by the negligence of the train conductor.On these facts,which of the following is true?

Joe owned an apartment building and entered into a contract with Sam whereby Sam would operate that apartment building,but the proceeds from the rent and profits would be distributed among Joe's children.This is an example of what kind of an agreement?

With regard to the law concerning misrepresentation,which of the following is true?