Chapter 15 practice quiz missed

The party on whom duress is exerted can choose to avoid the entire transaction.

true

Generally, a contract will be set aside because certain pertinent information is not volunteered.

False

Fra enters into a contract with Global Shipping Ltd. to insure and ship a painting from Holland to the United States for a certain price. Global makes a mistake in adding the costs, which results in a contract price that is $1,000 less than the true cost. Most likely, a court would

allow the parties to rescind the contract.

An innocent party who does not suffer harm as a result of a misrepresentation can nevertheless collect damages.

false

If a contractor's bid was significantly low because he or she made a mistake in adding up the total estimated costs, any contract resulting from the bid is still normally enforceable.

false

County Title Company processes information furnished by others to transfer title to real estate from Dali to Ezra. The furnished information is mistaken. The contract between Dali and Ezra may be rescinded because the mistake

may be rescinded because the mistake is about a material fact.

Carlos and David contract for the sale of five hundred head of Carlos's cattle for $195 per head. Unknown to either party, an unforeseen storm has struck the herd and many of the cattle have died. David is

not required to pay due to the bilateral mistake

At an auction, Ben bids on a 1957 Chevy coupe, believing that it is worth more than the price asked. When the car proves to need more repairs than Ben estimated, and thus is worth less as is, Ben is

still liable on the bid.

In general, a person should not rely on a non-lawyer's statement about a point of law.

true