1.Joe' guardian induces Joe to enter a contract. This is

misrepresentation

duress

undue influence

mutual mistake

2.A mistake by one party will not invalidate a contract unless

the other party knew of the mistake

the party making the mistake did not read the contract closely

the parties to the contract had never done business before

the party is mistaken about the law

3.In order for a misrepresentation to make a contract voidable,

it must have been intentional

the party seeking to void must have relied on the misrepresentation

it must always be material

none of the above is required

4.Misrepresentation that does not go to the core of a contract is

fraud in the execution

fraud in the inducement

undue influence

an example of mistake

5.True or False. Seller does not disclose to Buyer that the foundation of a house is infested with termites. Upon purchasing the house and remodeling part of the basement, Buyer discovers the termites. The Buyer a cause of action against Seller.

True

False

6.As a general rule

contracts do not have to be in writing to be enforceable

contracts that can be performed in one year must be in writing

all oral contracts are unenforceable

a suretyship agreement need not be in writing to b

7.An exception to the UCC Statute of Frauds provision is

the one-year rule

specially manufactured goods

executor agreements

all of the above

8.Rules that require certain contracts to be in writing are found in

state statutory law

the UCC

the Statute of Frauds

all of the above

9.The parol evidence rule

applies only when contracts must be in writing

does not apply to real estate contracts

states that a written contract discharges all prior or contemporaneous promises that add to, vary, or conflict with it

is designed to hold parties to promises they made during negotiations

10.A merger clause

is required when goods are sold for $500 or more

is used when two parcels of real estate are sold in the same contract

invalidates a contract for the sale of securities

evidences an intention that the written contract is the parties full understanding