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Fred and Ethel wanted to buy Lucy's land and use it to breed small pigs to be kept as pets. Ricky, Lucy's husband, did not get involved with the transaction. Ethel told Lucy that having water on the property was very important. Lucy assured her that a spring ran through one corner of the property. Therefore, Ethel agreed to buy the farm. Although she did not ask Lucy anything about it, Ethel, who loved pigs, assumed that the neighbors would be pleased with the pigs being in the area. In a separate contract, Lucy also agreed to sell Ethel a used truck for $5,000. After the contract for the land sale was entered into, it was discovered that actually the spring did not run through the corner of Lucy's property. The area in which the spring ran actually belonged to a neighbor. Additionally, when Lucy brought Ethel the used truck, Ethel said, "That's not the truck!" It was discovered that Lucy, who had two trucks, thought that Ethel had bought the older truck when Ethel thought she had purchased the newer truck. Ethel was also surprised when she received a petition signed by all surrounding landowners objecting to the presence of the pigs and threatening to sue Ethel for nuisance. Assuming that Lucy innocently made a misrepresentation regarding the spring running through the corner of the farm with no reason to believe that was not correct, considering only the lack of a spring issue, which of the following is true if Ethel does not want to go through with the sale of the farm? Ethel may sue for damages, but she may not rescind the contract. Ethel may rescind the contract and recover compensatory damages only. Ethel may rescind the contract, but she may not recover damages. Because Lucy acted with scienter, Ethel may receive reliance damages in addition to compensatory damages, but she may not rescind the contract. Fred and Ethel wanted to buy Lucy's land and use it to breed small pigs to be kept as pets. Ricky, Lucy's husband, did not get involved with the transaction. Ethel told Lucy that having water on the property was very important. Lucy assured her that a spring ran through one corner of the property. Therefore, Ethel agreed to buy the farm. Although she did not ask Lucy anything about it, Ethel, who loved pigs, assumed that the neighbors would be pleased with the pigs being in the area. In a separate contract, Lucy also agreed to sell Ethel a used truck for $5,000. After the contract for the land sale was entered into, it was discovered that actually the spring did not run through the corner of Lucy's property. The area in which the spring ran actually belonged to a neighbor. Additionally, when Lucy brought Ethel the used truck, Ethel said, "That's not the truck!" It was discovered that Lucy, who had two trucks, thought that Ethel had bought the older truck when Ethel thought she had purchased the newer truck. Ethel was also surprised when she received a petition signed by all surrounding landowners objecting to the presence of the pigs and threatening to sue Ethel for nuisance. Assuming that Lucy fraudulently made a misrepresentation regarding the spring running through the corner of the farm knowing the statement was not correct, considering only the lack of a spring issue, which of the following is true if Ethel does not want to go through with the sale of the farm? Ethel may rescind the contract, and she may also sue for damages if she can establish injury. Ethel may rescind the contract, but she may not recover damages. Ethel may rescind the contract, and she will recover $10,000 in damages which is an amount set by federal law. Ethel may sue for damages regardless of whether she can establish injury, but she may not rescind the contract. Fred and Ethel wanted to buy Lucy's land and use it to breed small pigs to be kept as pets. Ricky, Lucy's husband, did not get involved with the transaction. Ethel told Lucy that having water on the property was very important. Lucy assured her that a spring ran through one corner of the property. Therefore, Ethel agreed to buy the farm. Although she did not ask Lucy anything about it, Ethel, who loved pigs, assumed that the neighbors would be pleased with the pigs being in the area. In a separate contract, Lucy also agreed to sell Ethel a used truck for $5,000. After the contract for the land sale was entered into, it was discovered that actually the spring did not run through the corner of Lucy's property. The area in which the spring ran actually belonged to a neighbor. Additionally, when Lucy brought Ethel the used truck, Ethel said, "That's not the truck!" It was discovered that Lucy, who had two trucks, thought that Ethel had bought the older truck when Ethel thought she had purchased the newer truck. Ethel was also surprised when she received a petition signed by all surrounding landowners objecting to the presence of the pigs and threatening to sue Ethel for nuisance. Which of the following would be the result if Ethel attempts to rescind the contract and recover damages only on the basis of the neighbor's objection to a pig farm? Ethel may rescind the contract but may not recover damages because the situation involved a mutual mistake. Ethel may not rescind the contract nor may she recover damages because she, Ethel, made a unilateral mistake. Ethel may recover damages but may not rescind the contract because Lucy made an implied misrepresentation and Ricky would later state that she has some explaining to do. Ethel may rescind the contract and recover damages because Lucy made an implied misrepresentation. Which of the following is true regarding the statute of frauds requirement involving contracts that cannot be performed within one year? Even if it is highly unlikely that a contract will be completed within one year, a contract does not come within the statute of frauds if it could be completed within one year. Contracts whose performance, based on the terms of the contract, could not possibly occur within one year fall within the statute of frauds. All of these are true. If a party contracts for lifetime employment, the contract does not have to be in writing in order to be enforceable