Lesson 3 Quiz
Lesson 3 Quiz
Lesson 3 Quiz
Test Information
Description
Respondus
Instructions
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QUESTION 1
1. When both parties are mistaken as to the same material fact, neither party can rescind the contract.
True
False
10 points
QUESTION 2
1. An act of concealment, with an affirmative misrepresentation, will not be sufficient to give rise to
an action for fraud.
True
False
10 points
QUESTION 3
1. An adhesion contract can occur in a one-sided transactions in which one party has substantially
superior bargaining power.
True
False
10 points
QUESTION 4
QUESTION 5
QUESTION 6
QUESTION 7
1. A party's oral agreement to pay another's debt is enforceable under any circumstances.
True
False
10 points
QUESTION 8
1. Parol evidence includes oral evidence that is outside a written contract and not incorporated into
the contract expressly or by reference.
True
False
10 points
QUESTION 9
1. Sandy engages in fraud to procure Todd's assent to an expensive, one-sided contract. In this
circumstance,
a court would not likely set aside the contract.
the agreement cannot be enforced against Sandy.
the transaction is not voluntary because there is no "mutual assent."
Todd cannot refuse to perform his part of the deal.
10 points
QUESTION 10
1. May is a stockbroker. Due to May's statements, Nora believes that the price of OK Goods, Inc.
(OKGI), a widely traded stock, is going to increase substantially. Nora buys 500 shares of OKGI at
$10 per share, but the price soon drops to $2. Nora can successfully recover
nothing.
the amount of the purchase price.
the amount of the purchase price plus the expected increase.
the amount of the purchase price plus the unexpected decrease
10 points
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