Business Law - Practice Quiz 4

True

A contract entered into under undue influence is voidable.

reformation

A contract for a sale of land from Bayside Properties, Inc., to City Development Corporation contains an erroneous legal description. The most appropriate remedy for these parties is

False

A contract in which a party assumes a primary obligation normally must be in writing to be enforceable.

True

A contract will be discharged if unforeseeable circumstances make it impossible to attain the contract's purpose.

True

A remedy is the relief provided to an innocent contracting party when the other party breaches the contract.

True

A seller's attempt to conceal a fact that is material to a contract can give rise to an action for fraud.

True

A written contract that is intended to be the final statement of the terms of an agreement is an integrated contract.

False

Compensatory damages compensate a party injured by a breach of contract by punishing the party that breached the contract.

True

​A contract comes to an end when both parties fulfill their respective duties by performing the acts they have promised.

True

​A contract may include a clause stating that damages will be limited to a maximum amount.