With Respect to Having the Court Set Aside a Contract

question 23

Multiple Choice

With respect to having the court set aside a contract on the basis of undue influence, which of the following is false?

• A) If you are a dominant person in relation to an aged relative who wants to sell you his house below market value, you should insist that the aged relative receive independent legal advice.
• B) If the court presumes the existence of undue influence, the person asking for the return of the property will automatically get it back.
• C) A contract made in favour of a dominant person who exerted undue influence over the weaker party is voidable at the option of the weaker party.
• D) Where undue influence is established, the resulting contract is voidable, not void.
• E) If a client transferred property to his lawyer and later claimed the transfer was due to undue influence, the law would presume the transfer was due to undue influence.

Understand the concept of average total, variable, and fixed costs.

Calculate total variable and total costs based on average costs.

Recognize economies and diseconomies of scale in production.

Distinguish between explicit and implicit costs, including economic and accounting profits.

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Definitions:

Fourth Quintile

The fourth quintile refers to the subgroup that falls into the 60-80% range of a distribution when data is divided into five equal groups, often used in economic and social statistics to analyze income or wealth distribution.

Total Income

The total amount of money received by an individual or generated by an entity within a specific period, including wages, salaries, benefits, and other earnings.

Highest Percent

The maximum or largest percentage value within a given set or group of data.

Wage Rate

The amount of compensation an employee receives per unit of time or per task, typically expressed as an hourly rate or per piece rate.