7- Assume that A and B have entered into a valid contract ( one reflecting an agreement , legally sufficient consideration , capacity , legality ) . The contract may nevertheless be unenforceable if the parties have not genuinely assented ( agreed ) to its terms because of , for example , fraud . True OR False 8- Assume I am mistaken about the market value of a painting I own and sell it for far less than the painting is worth . The person who purchased the painting knew the market value of the painting was worth far more than what they paid me for the painting . Because of my mistake about market value , will be able to rescind the contract . True OR False 9- Ainjured party , and B , insurance company , enter into a contract of settlement for injuries A received in a vehicular accident . Both A and B mistakenly believed that the liability limits of the insurance policy were far less than they actually were . That is , both A and B thought there was $ 20,000 of insurance when there was $ 100,000 of insurance . Under these circumstances , A , when A discovers the mistake , can rescind the contract based on the mutual mistake of fact between A and B. True OR False 10- To establish fraud , one must show , among other things , that there was a misrepresentation made of a significant fact . Activate True OR False 11- A statement of opinion cannot be used as a basis to establish fraud unless the opinion is stated by a person claiming superior knowledge about the subject matter of a contract . True OR False 12- A fraudulent misrepresentation cannot occur by a party's silence or conduct it must be by spoken or written words . TrueORFalse