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Business Law 2700 Auburn University Exam Study Guide Solutions
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Business Law 2700 Auburn University Exam Study Guide Solutions The assent of parties to a contract must be voluntary. - ANSWER-True. No contract may be enforced if a party does not voluntarily agree to its terms. JimBob bought what he thought was the prettiest brass ring out of a box of brass r...

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  • November 12, 2024
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  • 2024/2025
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Business Law 2700 Auburn University
Exam Study Guide Solutions

The assent of parties to a contract must be voluntary. - ANSWER✔✔-True. No contract

may be enforced if a party does not voluntarily agree to its terms.


JimBob bought what he thought was the prettiest brass ring out of a box of brass rings

at IdaMae's yard sale for 50 cents. JimBob thought this would look nice on the left finger

of his 13 year old cousin LuLu. It turns out the ring was worn by Catherine the Great,

was made of solid 24K gold, and worth $300,000.00. IdaMae can claim this was a

mutual mistake of value and get the ring back from JimBob. - ANSWER✔✔-False.

Mutual Mistakes of Value or of Fact are insufficient cause to nullify any agreements.


Raffles agreed to purchase a shipload of cotton on the ship Peerless from Wichelhaus.

Raffles thought the agreement was for the ship Peerless arriving in December,

Wichelhaus thought the agreement was for the ship Peerless arriving in March. Neither

party may get out of this agreement. - ANSWER✔✔-False. Either party is able to get out

of this agreement.


If one party makes a mistake in a contract, that party may generally get out of the

contract. - ANSWER✔✔-False. Each party is responsible for any agreements made in a


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, contract. It would be unfair to punish a party that fulfilled their responsibilities of the

contract while rewarded another party that failed to fulfill theirs.


Fraud on the part of one party allows the other party to rescind a contract. -

ANSWER✔✔-True. Each party is responsible for any agreements made in a contract. It

would be unfair to punish a party that fulfilled their responsibilities of the contract

while rewarded another party that failed to fulfill theirs.


Richie's Roofers, Inc. doesn't want to perform their contract with you because they can

get 2 times the money from someone else to work for them. You agree with Richie's

Roofers, Inc. to meet the other party's price because you are desperate to get Richie's

Roofers, Inc. work completed for your project. The new contract in enforceable as an

Accord and Satisfaction. - ANSWER✔✔-False. There must be a dispute.


The only copy of a contract is on a Flash Drive. This contract is unenforceable if it is one

of the six types of contracts which must be in writing under the Statute of Frauds to be

enforceable. - ANSWER✔✔-False. Flash Drives are now considered as a valid form of

contract as long as the parties acknowledge the contract and it is approved by the

appropriate court.


Handwritten terms on a contract usually take precedence over conflicting typed terms. -

ANSWER✔✔-True. Handwritten terms are more recent additions and amendments to

the terms of a contract and therefore are regarded before any typed terms.




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