BLAW Ch. 7 Review

Avoidance of contracts affected by legal duress must be carried out promptly after the injured party discovers his or her assent was improperly obtained and occurred before ratification.

• True

• False

Rescission is the conduct suggesting you intend to be bound by the contract.

• True

• False

A statement of opinion by an expert _____ be treated as fact.

• will

• will not

Contracts created or modified by duress are rescindable.

• True

• False

Punitive damages may be awarded if _____ can be proven.

• misrepresentation

• mistake

• fraud

• none listed

Unilateral mistakes of law generally leave the resultant contract valid.

• True

• False

For misrepresentation, which of the following elements need not be proven.

• a false statement of fact

• the fact must be material

• the statement must be relied upon

• all listed must be shown.

Misrepresentation is an element in both innocent misrepresentation and fraud.

• True

• False

Unilateral mistakes create the right to rescind or void the contract.

• True

• False

Punitive damages are a form of punishment.

• True

• False