QUESTION A offers B $100,000 for his farm, and they sign an agreement for the sa

Question

QUESTION

A offers B $100,000 for his farm, and they sign an agreement for the sale. Before the money is paid, A finds out that the market value of the farm is only $55,000. A:

does not have to go through with the contract because there is not adequate consideration

none of the other choices

must buy the farm, but the price will be lowered to create consideration of proper value

must buy the farm, but the price will be lowered when the court reforms the contract

does not have to go through with the contract because there was a mistake of fact

QUESTION 14

An example of a generic trademark is:

Clorox

Bufferin

none of the other choices

Zipper

Dairy Queen

QUESTION 15

Some contracts must be in writing and signed to be enforceable. Contracts that are covered by the statute of frauds include:

contracts that must be performed within a year

none of the other choices

contracts for vehicles

contracts for the sale of personal property

promises to pay the debt of another

does not have to go through with the contract because there is not adequate consideration

none of the other choices

must buy the farm, but the price will be lowered to create consideration of proper value

must buy the farm, but the price will be lowered when the court reforms the contract

does not have to go through with the contract because there was a mistake of fact

Explanation / Answer

b) none of the other choices

QUESTION 14

d) Zipper

QUESTION 15

d) contracts for the sale of personal property

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