T F 5. A contract should be held enforceable even if a party is mistaken about t
ID: 423164 • Letter: T
Question
T F 5. A contract should be held enforceable even if a party is mistaken about the T F 6. A contract may be determined unenforceable if both parties were mistaken T F 7. The contract defense of fraud requires some false statement of a factual nature. value or quality of an item purchased. about an important fact, but not if only one party was mistaken. T F 8. A statement that no reasonable person would believe is probably not fraudulent. T F 9. Duress involves a statement by a person who has special influence over TF 10. Some contracts must be in writing to be enforceable. T F 11. Real estate contracts typically must be in writing to be enforceable. TF 12. A contract covered by the Statute of Frauds must be signed by both parties. another, such as a trusted friend or advisor. F 13. A party may be able to transfer their rights and duties under a contract to another party T F 14. An award of punitive damages is very common for contract breach. T F 15. A party may be entitled to foreseeable damages beyond the contract itself but T F 16. The party breaching a contract has a duty to mitigate the damages which will T F 17. Liquidated damages are an agreed amount to be paid for a future breach. which result from a breach of the contract, such as lost profits result from his/her breach.Explanation / Answer
1. If a mistake concerns the market value or quality of the object of the contract, the mistake is one of value, and either party can normally enforce the contract. Hence the given statement is TRUE.
2. The contract is void from the start of both parties are mistaken about an important but not if only one party is mistaken. Hence the given statement is TRUE.
3. Contract defense of fraud does not necessary be false statement of factual nature. Hence the given statement is FALSE.
4. Duress is Obtaining consent by means of a threat. Hence the given statement is FALSE.
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