BLaw Chap 7 Review

Parties that cancel their contract obligations by rescission that cannot get back what they've already put into the contract.

• True

• False

A contract that lacks the genuine assent of the parties to it is typically voidable.

• True

• False

Committing an act of violence to obtain a signature on a written contract is duress.

• True

• False

When the dominating party to a confidential relationship exerts irresistible pressure on the dominated party to enter into a contract that benefits the former, undue influence occurs.

• True

• False

A mutual mistake about the law applicable to the contract will render the contract void.

• True

• False

Regardless of whether a misrepresentation is innocent or fraudulent, the resulting contract is voidable by the party to whom the misrepresentation is made.

• True

• False

Active concealment of a material fact nonetheless leaves the resultant contract valid.

• True

• False

Being able to show fraud allows a victim to recover punitive damages in addition to being able to utilize other remedies.

• True

• False

To prove fraud, an alleged victim must show all the elements necessary to prove misrepresentation in addition to showing intent and injury.

• True

• False

A contract can only be ratified by an explicit statement made orally or in writing.

• True

• False