A unilateral mistake occurs when a. both contracting parties share the same mistake. b. one party enters a contract under a mistaken assumption. c. one party makes a factually incorrect statement. d. one party makes false statementsto induce the other party to contract while knowing the words are false or being uncertain that they are true.
Q: A revocation is the calling back of the offer by the offeror, with the exception of an option…
A: An offer is a proposal made by one party (the offeror) to another party (the offeree) indicating a…
Q: 1. Reinstatement of a life insurance policy requires an insured to take all of the following actions…
A: The question is asking which of the listed actions is not required for the reinstatement of a life…
Q: An executed contract is a contract that has been written by an executive. Group of answer choices…
A: An agreement that has been fully negotiated, examined, and agreed upon by all parties concerned is…
Q: Given that one goal of a contract is to avoid litigation, which of the following can be useful to…
A: A legally binding agreement outlining the terms and circumstances of a specific transaction or…
Q: The four agree to a formula under which they will price the shares pursuant to granting each other…
A: The objective of the question is to identify the type of restriction on transfer that is being…
Q: A guaranty type contract, where a 3rd party guarantees the payment for another, must be in writing.…
A: A guaranty-type contract, guided by the Statute of Frauds, holds a significant role in contractual…
Q: 15-year old inherited some property from a grandparent. The 15-year old put the property on the…
A: Explanation : A 15-year old inherited some property from their grandparent. The 15-year old put the…
Q: What happens when homeowners owe more to subcontractors than the total price they were to pay the…
A: Subcontractors are independent businesses or persons hired by a general or primary contractor to…
Q: The UCC often creates contractual liability in situations where no contract would have resulted at…
A: The Uniform Commercial Code (UCC) is a set of laws in the United States that govern commercial…
Q: With respect to employment contracts, the term "obsolescence" refers to a contract that: fails to…
A: the term "obsolescence" in the context of employment contracts refers to:(2) no longer reflects the…
Q: Which of the following is correct about implied and express contracts? Implied contracts can be…
A: Contract law effectively establishes the process of agreement development, implementation, and…
Q: Which of the following contracts do not need to be in writing? OO Contracts that cannot by their…
A: A.State regulations typically mandate that some agreements, such as contracts, be in writing in…
Q: A partnership is required to register its business name with the appropriate state agency O In all…
A: Organizational goals specify the exact objectives that a business or organization hopes to achieve…
Q: What happens when a party with the right to avoid a contract chooses to not avoid it? a. The…
A: Contracts are legally binding agreements between two or more parties, and they define the terms and…
Q: An insured's obligation to notify the insurer of a loss is stated in the policy's: O A. Provisions O…
A: Insurance policy is referred to as an agreement or contract that exists between two parties, that is…
Q: A severability provision a. rescinds the entire contract upon request of the party who drafted it.…
A: A severability provision is a crucial component of contracts as it protects both parties from the…
Q: What are the typical perils that are excluded under a Rented Property Policy form? OA) Vandalism,…
A: A rental property policy can be defined as the type of insurance that protects property owners who…
Q: What kind of argument is present when the premises of an argument do not lead to the conclusion?
A: An argument aims to demonstrate the validity or soundness of the conclusion by showing how the…
Q: 1. Which of the following describes when a person does not understand that a contract is being made…
A: A contract is a legitimately obligatory agreement that establishes and directs the rights and…
Q: Every sales contract imposes an obligation of good faith in its performance. Please explain the…
A: The concept of good faith, within the context of sales contracts, refers to a fundamental principle…
Q: The seller's agent has certain duties to the client-principal. Duties of the principal include…
A: The principal-agent relationship is a type of relationship in which the principal appoints an…
Q: David is a licensed agent who typically represents homeowners looking to sell their house. As an…
A: The objective of the question is to determine the type of agency relationship that David, a licensed…
Q: Non-compete agreements are typically held to be illegal in most states. True False
A: Non compete agreements are the contracts that exist between an employee and an employer in which the…
Q: When a title of a house and lot is delivered to you upon paying the amount agreed upon, is there a…
A: A contract of sale is a legal agreement between two parties, the seller and the buyer, whereby the…
Q: (12) The agreement which caused by fraud, coercion and misrepresentation is called..... a) Void b)…
A: A commitment which has been given by one party to another party is referred to be as agreement.
Q: The principle from the case of Partridge v Crittenden is: Select one: a. Advertisements in a…
A: The correct answer is d. Advertisements in a magazine amount to an invitation to treat
Q: Listing Agent Pete is willing to help sell Seller Cami's condo but believes it will take a lot of…
A: The objective of the question is to determine the type of listing agreement that would best suit…
Q: You have a job bidding provision in the contract which says. Vacancies in bargaining unit positions…
A: Recruiting the right candidate could be a challenging task for the recruiter. The job requirement of…
Q: How is an offer accepted? Describe the rules for the manner of acceptance
A: In basic words, acceptance is an articulation by the offeree of his eagerness to be limited by the…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- The personal feature of property insurance contracts means that: * A) subrogation always applies B) ambiguities in the wording will always be construed against the insurer C) insurance contracts cannot be freely transferred to other parties D) the buyer of insurance must have insurable interest in property before the policy is issuedBecause fixtures can be detached from the land, thereby reverting back to personal property, what is a best practice with respect to the creation of a sales contract? to assume that the buyer will ask about any items of interest to not list anything that is to be included in the contract so that easy concessions can be made during the counteroffer phase to assume that the buyer will understand that anything that can be detached will be detached to list everything that is to be included in the contractWhich of the following correctly identify the requirements for both legal and personal competence for a fiduciary? Must be a U.S. citizen Must meet a minimum age requirement as specified by state law Must be capable of analyzing a situation and making decisions Must be mentally competent as required by state law A) I and II B) II and III C) I, II, III, and IV D) III and IV
- If an issue arises after the completion of a transaction, which of the following actions should a salesperson take to remedy the situation? O slect one answer. The salesperson should act promptly and resolve any Issues that may arise before the parties take legal action. The salesperson should first review the agreement and verify the relevant information, to accurately advise the seller or buyer as required. The salesperson should first arrange for compensation and reimburse the buyer or seller for any loss they may have The salesperson should inform their client that since the transaction has closed, they are no longer obligated to provide further services to them. incurred.You are a broker. Your sales associate is new and can't remember the key differences between lien types. You remind them: Liens can be voluntary or involuntary. Voluntary liens are created with the owner's consent. A lien can only apply to one piece of property a debtor owns Because of this, liens are always specific. Legally, liens cannot be involuntary. They must be created with the owner's consent and if they're not, they're illegal All liens affect all of the debtor's property. That's why they're also called general liens.Able does not ever want Baker's shares to be transferred to Baker's brother, who has been convicted of criminal fraud and embezzlement on several occasions and who is currently serving time in a federal prison for one of those convictions. Which of the following types of restrictions on the transfer of Baker's shares might Able insist to accomplish this, even if Carter and Dennis don't share Able's concerns? Multiple Choice A put agreement Option agreement Provision disqualifying purchasers Buy-and-sell agreement Right of first refusal
- Under the Uniform Commercial Code (UCC), which of the following remedies is available to both buyers and sellers? Select one: a. Recovering the total value of goods in the contract b. Recovering profit from the resale of nonconforming goods by the other party c. Damages in the amount of the difference between the contract price and the market price of goods d. Obtaining specific performance of the contractConditions precedent Multiple Choice Render a contract frustrated Render a contract void at the option of the injured party Must occur before a contract can be cancelled Must occur before a contract is enforceable Render a contract void immediatelyWhat is the main difference between contracts discharged due to operation of law and contracts discharged due to acts of the parties? Discharge due to acts of the parties never requires court intervention, whereas discharge due to operation of law always does. Discharge due to operation of law reflects at least one party's intent, whereas discharge due to acts of the parties doesn't necessarily reflect either party's intent. Discharge due to acts of the parties is legally binding, whereas discharge due to operation of law is not. Discharge due to operation of law doesn't necessarily reflect either party's intent, whereas discharge due to acts of the parties reflects at least one party's intent. 11 XIR Submit > 17
- James is looking to enter into a listing contract with Mary to sell her house. The two are trying to come to an agreement on what type of listing contract to use. What type of listing contract will offer James the least amount of protection? O An open listing agreement since it is a unilateral contract. O An exclusive Right to Sell agreement since it is a bilateral contract. O An Exclusive Agency agreement since the owner can still find a buyer themselves O An Exclusive Agency agreement since it is a unilateral contract.An anti-modification clause: O a) prevents the terms of a contract from being changed by repeated waivers of breaches. O b) prevents evidence of prior or contemporaneous agreements which conflict or add to the terms of a written contract. O c) specifies the amount of damages in the event of a contractual breach and states that such damages cannot be modified or changed. O d) is necessary in a writing to satisfy the statute of frauds.Which of the following is true of a severable contract? Multiple Choice It must be enforced or rejected in its entirety. It contains multiple parts that need to be performed collectively. It has both legal and illegal portions in the contract. It needs complete performance by both parties.