Recently Asked

Which of the following statements, if false, is most likely to create liability for fraud or misrepresentation? a. this rare antique chair is probably worth $10,000 b. this crane will lift a 10,000-pound load c. this car is a perfect gem d. in my opinion, this car is in flawless mechanical condition

Ordinarily, contracts entered into by mentally impaired people are void, while contracts entered into by intoxicated people are voidable. a. true b. false

An exculpatory clause relieving a person from liability for her fraud will not be enforced. a. true b. false

With regard to a completely integrated contract, parole evidence can be used to: a. contradict the terms of the contract b. explain ambiguities on the contract c. supplement the terms of the contract d. modify the terms of the contract

A novation discharges the original obligor and substitutes a new obligor in his place. a. true b. false

Y has breached a contract between x and y, but has not materially breached it. this means that x can: a. sue only for damages caused by the breach b. sue for damages for a total breach of the contract c. cancel the contract d. withhold his own performance, even if the breach is remedied

Behavior that strongly suggests that a party will not perform his obligations under a contract cannot ever be a material breach, because this would unfairly penalize a party who, after all, may later be able to perform. a. True b. False

A failure to give substantial performance where substantial performance is normally required is a material breach of the contract. a. true b. false

In most states today, leases of goods are handled by Article 2A of the UCC. a. true b. false

The Code’s statute of frauds requirement applies to all contracts for the sale of goods in an amount of $500 or more. a. True b. False