ACC 480 Ch 14 Study Guide Exam Questions And Answers 100% Verified

ACC 480 Ch 14 Study Guide Exam Questions And Answers 100% Verified A unilateral mistake does not generally afford the mistaken party a right to relief from the contract. - answerT If both parties are mistaken as to the same material fact, neither party can rescind the contract. - answerF To commit fraud, one party must intend to mislead another. - answerT To rescind a contract for fraud, a plaintiff must prove that he or she suffered an injury. - answerF Threatening a civil suit does not normally constitute duress. - answerT A contract entered into under undue influence is voidable. - answerT Adhesion contracts are always enforced. - answerF If a person believes a statement to be true, he or she cannot be held liable for misrepresentation. - answerF A seller has no duty to disclose to a buyer a defect of which the seller is aware but the buyer could not reasonably suspect. - answerF If both parties are mistaken as to the market value of the object of their contract, either party can rescind. - answerF Metro Transport asks for bid on a construction project. Metro estimates that the cost will be $200,000. Most bids are about $200,000, but Kwik Construction bids $150,000. In adding a column of figures, Kwik mistakenly omitted a $50,000 item. Because Metro had reason to know of the mistake a. Kwik can avoid the contract because Metro knew of the errors. b. Kwik can avoid the contract because the errors were the result of negligence. c. Metro can enforce the contract because the errors were unilateral. d. Metro can enforce the contract because the errors were material. - answerA