Often a Party to a Contract Wants to Avoid His

question 157

Multiple Choice

Often a party to a contract wants to avoid his obligations by arguing that the contract was entered into because of a mistake, misrepresentation, undue influence, or duress. Which of the following is false with regard to these areas of the law?

• A) A buyer could not be awarded the equitable remedy of rescission if the seller honestly believed that his misrepresentation, which persuaded the buyer to buy, was true.
• B) If a seller persuades a person to buy something by a fraudulent misrepresentation, the buyer could ask for rescission and/or damages for the tort of deceit.
• C) A person can successfully argue non est factum and avoid his obligations under a contract only if he was misled about the very nature of the document and was not careless.
• D) Independent legal advice given to a person who wants to give a gift to a dominant person (e.g., his doctor) is good evidence to rebut a presumption of undue influence.
• E) Where, because of a mistake, a written document does not embody the unchanged term of the original oral agreement, a party to the contract could ask the court for the equitable remedy of rectification.

Analyze the effects of price ceilings on market quantity and deadweight loss.

Understand the conditions under which price ceilings may increase or decrease consumer surplus.

Comprehend the concept of deadweight loss and its causes.

Recognize the importance of elasticity in determining the effects of price controls.

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Definitions:

Latissimus Dorsi

A large, flat muscle on the back that helps with the movement of the shoulders and arms, including rotation and pulling movements.

Trapezius

A large superficial muscle that extends longitudinally from the occipital bone to the lower thoracic vertebrae and laterally to the spine of the scapula, involved in moving the shoulder and neck.

Pectoralis Major

A large muscle in the upper chest that performs functions related to the movement of the shoulder joint, including flexion, adduction, and medial rotation.

External Abdominal Oblique

A muscle located on the lateral and front sides of the abdomen, involved in rotating and bending the trunk.