Willy and Brogan,aged 16,enter into a Written Contract in Which

question 45

Multiple Choice

Willy and Brogan,aged 16,enter into a written contract in which Brogan will sell his horse to Willy for $250.Before the sale is finalized,Brogan seeks to be released from the contract and wants to offer in-court oral testimony concerning his age.The admission of Brogan's testimony is most likely governed by the ________ rule.

• A)standard construction
• B)best evidence
• C)equal dignities
• D)parol evidence

Distinguish between duress and undue influence in contract negotiations.

Define and differentiate between unilateral and mutual mistakes and their impact on the contract's validity.

Comprehend the processes and conditions under which a contract can be rescinded.

Differentiate between concealment, nondisclosure, and misrepresentation in contract law.

---

Definitions:

Budget Constraint

outlines the combination of goods and services that a consumer can purchase given their income and the prices of those goods and services.

Demand Curve

A graphic representation showing the relationship between the price of a good or service and the quantity demanded by consumers for a given period.

Sweaters

Clothing items made from wool or other yarn, designed to cover the upper body and provide warmth.

Marginal Rate of Substitution

The rate at which a consumer is willing to give up one good in exchange for another while maintaining the same level of utility or satisfaction.