Business Law: Chapter 6

A valid contact exists between parties when it has which of the following elements

• Valid Acceptance

• Consideration

• Capacity

• All of these

Several circumstances create a defective agreement, which one is not one of them?

• Fraud

• Misrepresentation

• Consideration

• Duress

A deliberate deception intended to secure an unfair or unlawful gain is called ?

• Rescission

• Fraud

• Concealment

• Misrepresentation

A statement such as "You'll get plenty of dates with this car" is an example of what?

• Sales Talk

• Sales puffery

• Sales puffing

• All of these

Fraud requires a false representation of a material, existing fact.

• True

• False

False representation by choosing not to reveal important information is knows as?

• Concealment

• Rescission

• Misinformation

• Duress

The party making the false representation doesn't always have to be aware that the statement is false for it to be fraud

• True

• False

You cannot win a lawsuit for fraud unless you suffer a loss as a result.

• True

• False

When a person makes an innocent statement that turns out to be false, this act in regards to contracts is called ?

• Fraud

• Concealment

• Duress

• Misrepresentation

An error on the part of one of the parties of a contract is called ?

• Bilateral mistake

• Concealment

• Unilateral mistake

• Duress