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BUL 3310 FSU Bailey Unit 6 Exam Questions and Answers 100% Solved
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BUL 3310 FSU Bailey Unit 6 Exam Questions and Answers 100% Solved 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 rig...

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  • December 21, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • BUL 3310
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BUL 3310 FSU Bailey Unit 6 Exam

Questions and Answers 100% Solved


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




1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

, 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

2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

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