Question

21) Which of the following is a correct statement regarding the remedy available for an unenforceable agreement?

A) Only compensatory damages are available for an unenforceable agreement.

B) Only consequential damages are available for an unenforceable agreement.

C) No remedy is available for an unenforceable agreement.

D) Compensatory damages and punitive damages are available for an unenforceable agreement, depending on the circumstances of the case.

E) Compensatory damages, consequential damages, and punitive damages are available for an unenforceable agreement, depending on the circumstances of the case.

22) Bob is hired to do computer sales for an electronics store. He agrees that if he leaves his employment, he will not work for another computer store within twenty-five miles for a period of two years. This type of agreement is called a(n) ________.

A) covenant not to compete

B) implied-in-law contract

C) quasi-contract

D) termination agreement

E) public policy agreement

23) Major obstacles to genuine assent include all but which of the following?

A) mistake

B) misrepresentation

C) factual capacity

D) undue influence

E) duress

24) A(n) ________ is an erroneous belief about the facts of a contract at the time the contract is concluded.

A) assumption

B) projection

C) abeyance

D) mistake

E) accord

25) Which of the following is necessary in order to establish that a mutual mistake involving a basic assumption about the subject matter of a contract was made?

A) That the mistake involved the existence, quality, or quantity of the items to be exchanged.

B) That the mistake involved whether a party could profit from the contract.

C) That the mistake involved whether a party could profit from the contract or whether a party misunderstood the time constraints involved in the contract.

D) That the mistake involved the identity of parties to the contract or whether a party misunderstood the time constraints involved in the contract.

E) That the mistake involved a misunderstanding regarding the applicability of the Uniform Commercial Code to the contract.

26) For a mutual mistake to interfere with legal consent, it must involve a ________ effect on the agreement.

A) conditional

B) material

C) tertiary

D) criminal

E) statutory

27) An error by one party about a material fact is known as a ________ mistake.

A) primary

B) mutual

C) unilateral

D) secondary

E) conditional

28) Distinguishing between unilateral and mutual mistakes is important because the classification bears on which contracts ________.

A) are void

B) are voidable

C) lack consideration

D) lack legality

E) are entitled to enforcement in a court of equity

29) George offers to sell Penelope a ring that George found in his yard. He and Penelope look at the ring and decide that they are not sure what it is, probably just a shiny stone. Penelope pays George $10 for the ring. The ring turns out to be a diamond worth much more than $10. George wants the ring back, and Penelope refuses. What is the most likely result?

A) The ring will be returned to George because of mutual mistake.

B) The ring will be returned to George because of unilateral mistake.

C) The ring will be returned to George because of equity.

D) The ring will remain with Penelope unless George can establish that she was negligent in not recognizing the ring's true value.

E) The ring will remain with Penelope because the parties contracted on the assumption that they did not know the value of the ring.

30) Which of the following must a mutual mistake involve in order for a mutual mistake to interfere with legal consent?

A) A basic assumption about the subject matter of the contract.

B) A material effect on the agreement.

C) A basic assumption about the subject matter of the contract and an adverse effect on a party who did not agree to bear the risk of mistake at the time of the agreement, but not a material effect on the agreement.

D) A basic assumption about the subject matter of the contract, a material effect on the agreement, and an adverse effect on a party who did not agree to bear the risk of mistake at the time of the agreement.

E) An admission by one of the parties that a misrepresentation occurred.

31) A person who makes a misrepresentation but has no knowledge about the falsity of the statement does not have ________.

A) information

B) premeditation

C) planning

D) plotting

E) scienter

32) When the party making the statement would have known the truth about the fact had he used reasonable care to discover or reveal it, the statement is a(n) ________.

A) innocent misrepresentation

B) fraudulent misrepresentation

C) non-material misrepresentation

D) negligent misrepresentation

E) commercial disparagement

33) Which of the following are elements of fraudulent misrepresentation?

A) A false statement and a mutual mistake

B) A false statement and intent to deceive

C) Intent to deceive and negligent representation of a material fact

D) A commercial relationship between the parties and negligent misrepresentation of a material fact

E) A non-commercial relationship between the parties and duress

Answer 1

You have asked multiple unrelated questions in the same post. I have addressed the first four. Please post the balance questions separately one by one.

21) Which of the following is a correct statement regarding the remedy available for an unenforceable agreement?

An unforceable agreement, as the name itself suggests, can't be enforced. SInce it can't be eforced, no remedy is available for it.

The correct answer is option C) No remedy is available for an unenforceable agreement.

22) Bob is hired to do computer sales for an electronics store. He agrees that if he leaves his employment, he will not work for another computer store within twenty-five miles for a period of two years. This type of agreement is called a(n) ________.

This is called non compete clause.

Hence the correct answer is the option A) covenant not to compete

23) Major obstacles to genuine assent include all but which of the following?

The correct answer is option C) factual capacity

Major obstacles to genuine assent include mistake,misrepresentation,undue influence,and duress. Hence, option C is the only exclusion.

24) A(n) ________ is an erroneous belief about the facts of a contract at the time the contract is concluded.

The correct answer is option D) mistake