biz law 3 quiz

Jayden contracts to sell Rachel a violin for $10,000, based on an appraisal of the instrument. Their contract provides that even if the appraisal is later found to be mistaken, the sale price will not be altered. One month after the sale, Rachel learns that the violin is only worth $5000. Which of the following is true:

Because the contract specified what would happen in the case of a mistake, the sale price will not be altered.

A contract is void if parties to a contract are mutually mistaken about their expectations. true or false

False

As a general rule, the adequacy of the consideration is irrelevant because the law allows bargains.

true

Ordinarily, for a mistake to invalidate a contract, the mistake must be a mutual one about a material fact.

true

All contracts must be in writing to be enforceable.​ true or false

false

For a promise to constitute consideration, the promise must not impose an obligation on the person making it. true or false>

false

Ratification to a contract can be made any time before reaching majority. true or false

false

When one refrains or promises to refrain from doing something, this conduct is known as _______________.

forbearance

A contract must be for a lawful purpose, which must be achieved in a lawful manner, otherwise the contract is:

void