BUL 3310 FSU Bailey Unit 6 Questions and Answers 2024/2025
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Course
BUL 3310
Institution
BUL 3310
A party who misstates an important fact during contract negotiations has an affirmative duty
to correct that misstatement before entering into the contract.
→ True
A party who enters into a contract with a minor has the same right as the minor to disaffirm
the contract.
→ False
Mike, a ...
BUL 3310 FSU Bailey Unit 6 Questions
and Answers 2024/2025
A party who misstates an important fact during contract negotiations has an affirmative duty
to correct that misstatement before entering into the contract.
→ True
A party who enters into a contract with a minor has the same right as the minor to disaffirm
the contract.
→ False
Mike, a minor, bought a car from Used Car Lot for 6,000. Two months before he turned 18,
the age of majority in his state, Mike decided he didn't want the car anymore and returned it
to Used Car Lot. Mike had put 50,000 miles on the car. Applying the law followed by the
majority of states, please select the statement that best describes Mike's rights in these
circumstances.
→ Mike would be entitled to get back the full 6,000 purchase price
For which of the following purchases would a minor be liable to the seller for the fair value of
the goods?
→ Medicine
Having lost his job in the recent recession and facing property taxes that were past due, Ed
was desperate for cash. He sold his prized 1969 Mustang to a good faith purchaser for value
at a price that was well below its market value. Ed now regrets this decision and asks if he has
any legal basis for rescinding the contract. Please advise Ed.
→ No, this was a valid bargained for exchange with a good faith purchaser for value
Which of the following elements is present in fraudulent misrepresentation but not in innocent
misrepresentation?
→ Scienter
For which of the following purchases could a minor disaffirm the contract and get the full
purchase price back?
→ iPod
Innocent misrepresentation can be the basis for the injured party to rescind the contract.
→ True
A unilateral mistake of value is grounds for rescinding the contract.
→ False
The document issued by a common carrier evidencing receipt of goods for shipment is an
__________________.
→ Bill of lading
Farmers are Article 2 "merchants "in some states and "non-merchants" in other states.
→ True
Article 2A of the Code governs
→ Leases of goods
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