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Exam 12: Genuineness of Assent and Statute of Frauds

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Question 1

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The doctrine of promissory estoppel is also known as equitable estoppel.

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Question 2

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A misrepresentation of law is allowed as grounds for rescission of a contract if one party to the contract is a professional who should know what the law is and intentionally misrepresents the law to a less-sophisticated contracting party.

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What is the purpose of the parol evidence rule? Should parties to a contract always be able to tell their story and then leave it to the jury to determine who is telling the truth? Does the parol evidence rule deny a party's right to be heard in court? Why are oral statements made after the contract is formed not subject to the rule?

What is the significance of requiring that a misrepresentation relate to a "material fact" in connection with a fraud in the inducement case?

The doctrine that would allow a party to rescind a contract because the other party abused a fiduciary relationship in forming the contract is:

Contracts involving fraud in the inception are voidable.

Usually,a misrepresentation of law is not actionable as fraud.

Which of the following is true?

Many state Statutes of Frauds require that agents' contracts to sell real property covered by the Statute of Frauds be in writing to be enforceable.The requirements is often referred to as the ________ rule

Jack and Jill were discussing business over lunch when they agreed on the sale of some goods.Because neither of them had any paper with them,Jack wrote the following on a napkin: "Jill agrees to purchase from Jack,1,000 widgets to be delivered on July 1,2001,at a cost of $10,000,payable on delivery." Jill signed the napkin,although Jack did not sign it.Jack delivered the widgets per the contract,but Jill refuses to pay for them.If Jack sues Jill for the price of the goods,the most likely result is:

The primary purpose of the Statute of Frauds is to punish people who perpetrate frauds by using written contracts.

The purpose of an integration clause in a contract is to exclude application of the parol evidence rule to that particular contract.

Sam wants to sell his stereo system because one side of his amplifier occasionally doesn't work properly and the cost of repair is so high that Sam wants to get a new stereo.Otherwise,it works well,and the sound quality is very good.Sam places an advertisement in the newspaper and Bob comes to look at it.Bob tries it out and likes what he hears.Then the following takes place: Bob: How does it work? Sam: Listen for yourself.Isn't that sound great? Bob: Yes it is.Have you ever had to have it repaired? Sam: It's never been repaired; it's just as it came from the factory.Try the CD,the cassette tape and the tuner.You'll see they all work. Bob: Playing this cassette tape,all of a sudden it doesn't sound right.I know a lot about stereos and that just doesn't sound the way it should. Sam: Try the CD and I'll get another tape. Bob plays the CD,then tries a different cassette,and then Sam is relieved that the problem does not recur.Bob spends an hour or so playing and testing the stereo system,and then they reach a deal.Bob discovers the problem after he gets home.What remedies does he have?

Bob,who has never liked Bill because years ago Bill stole his girlfriend,would like to cause Bill some problems.Bob owns a piece of land that he knows Bill would like to have.Bob sees will at the local country club and tells him that he will sell the land for $100,000.Bill agrees but is a little short on funds.He sells some antique cars he has in order to come up with the cash.When Bill shows up to transfer title,Bob says he was only joking and that he won't sell.Bob says that Bill cannot enforce the deal because it was not in writing.If Will sues,who should win?

A party may not rescind a contract if there has been a mutual mistake of a past or existing material fact.

Which of the following is a correct statement regarding the applicability of the Statute of Frauds to easements?

Mike hires Stephen to paint his house.The contract stipulates that Mike will provide the paint and equipment and that Stephen will provide the labor for which he will be paid $1,000.This contract must be in writing according to the Statute of Frauds.

Nondisclosure is a misrepresentation if it would constitute a failure to act in ________.

What is the significance of requiring that a plaintiff's reliance in a fraud in the inducement case be justifiable?

Consistent with judicial standards of interpretation,where a preprinted form contract is used,handwritten words prevail over both preprinted and typed words.