BUL 3310 Exam 2 FSU Bailey- Test
Questions & Answers
Yes, Sid has the defense of economic duress. Correct Ans-No, this was a unilateral mistake of
fact by Sid
A party who enters into a contract with a minor has the same right as the minor to disaffirm the
contract.
True
False Correct Ans-False
The legal status of a contract entered into by a minor is ___________.
Valid
Void
Avoidable only by the minor
Avoidable by either the minor or the other party to the contract Correct Ans-Avoidable only
by the minor
,Six months after being adjudicated insane, Connie signed a contract for premium cable service.
The legal status of this contract is
Valid
Void
Voidable by Connie
Voidable by Connie or Cable Company Correct Ans-Void
If goods are being sold under a negotiable document of title, such as a bill of lading, risk of loss
passes to the buyer when
The document is tendered to the buyer
The goods are tendered to the buyer
The buyer takes possession of the goods
The buyer pays for the goods. Correct Ans-The document is tendered to the buyer
,Sue bought a painting from Neda, who had inherited it and was not in the business of selling art.
Sue gave Neda a check and Neda tendered delivery simultaneously. Sue asked if she could pick
up the painting later in the day. Through no fault of Neda's, the painting was stolen before Sue
returned. The risk of loss in these circumstances
Passed to Sue on Neda's tender of delivery
Would not pass to Sue until her check cleared.
Remained with Neda because she was the seller.
Remained with Neda because Sue had not yet taken possession of the painting. Correct Ans-
Passed to Sue on Neda's tender of delivery
In a sale on approval, the buyer has the risk of loss until the goods are returned to the seller.
True
False Correct Ans-False
Crops are identified to the contract when they are planted.
True
False Correct Ans-True
, Larry Lawyer entered into a contract to buy land from a client at well below market value. The
client was elderly and trusted Larry as his lawyer and son of his best friend to be fair and give
him good advice. Client can rescind the contract based on
Undue influence
Duress
Unilateral mistake of fact
Unilateral mistake of value Correct Ans-Undue influence
A person who occupies any position of trust and confidence in relation to another person or the
property of another person is a(n) ______________.
Administrator
Executor
Fiduciary
Guardian Correct Ans-Fiduciary
Questions & Answers
Yes, Sid has the defense of economic duress. Correct Ans-No, this was a unilateral mistake of
fact by Sid
A party who enters into a contract with a minor has the same right as the minor to disaffirm the
contract.
True
False Correct Ans-False
The legal status of a contract entered into by a minor is ___________.
Valid
Void
Avoidable only by the minor
Avoidable by either the minor or the other party to the contract Correct Ans-Avoidable only
by the minor
,Six months after being adjudicated insane, Connie signed a contract for premium cable service.
The legal status of this contract is
Valid
Void
Voidable by Connie
Voidable by Connie or Cable Company Correct Ans-Void
If goods are being sold under a negotiable document of title, such as a bill of lading, risk of loss
passes to the buyer when
The document is tendered to the buyer
The goods are tendered to the buyer
The buyer takes possession of the goods
The buyer pays for the goods. Correct Ans-The document is tendered to the buyer
,Sue bought a painting from Neda, who had inherited it and was not in the business of selling art.
Sue gave Neda a check and Neda tendered delivery simultaneously. Sue asked if she could pick
up the painting later in the day. Through no fault of Neda's, the painting was stolen before Sue
returned. The risk of loss in these circumstances
Passed to Sue on Neda's tender of delivery
Would not pass to Sue until her check cleared.
Remained with Neda because she was the seller.
Remained with Neda because Sue had not yet taken possession of the painting. Correct Ans-
Passed to Sue on Neda's tender of delivery
In a sale on approval, the buyer has the risk of loss until the goods are returned to the seller.
True
False Correct Ans-False
Crops are identified to the contract when they are planted.
True
False Correct Ans-True
, Larry Lawyer entered into a contract to buy land from a client at well below market value. The
client was elderly and trusted Larry as his lawyer and son of his best friend to be fair and give
him good advice. Client can rescind the contract based on
Undue influence
Duress
Unilateral mistake of fact
Unilateral mistake of value Correct Ans-Undue influence
A person who occupies any position of trust and confidence in relation to another person or the
property of another person is a(n) ______________.
Administrator
Executor
Fiduciary
Guardian Correct Ans-Fiduciary
