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please urgent help with answers only. I will do upvote. thank you Dan obtains a loan from Prime Bank at 6.5 percent interest. Their state's
please urgent help with answers only. I will do upvote. thank you
Dan obtains a loan from Prime Bank at 6.5 percent interest. Their state's usury statute limits interest rates to a 5.5 percent maximum. Dan's contract with the bank is enforceable only if a. the bank does not attempt to disaffirm it. b. none of the choices because the rate exceeds the legal limit. c. both Dan and the bank knew of the state limit. d. Dan does not attempt to disaffirm it. QUESTION 2 Fact Pattern 15-3 City Abstract Company processes information furnished by others to transfer ownership to real estate from a seller to a buyer. In performing this task for a sale of land from John to Robert, the furnished information is mistaken. Refer to Fact Pattern 15-3. If John and Robert are both ignorant of the mistake, it is a. unconscionable. b. a unilateral mistake. c. a fraudulent misrepresentation. d. a bilateral mistake. Elizabeth believes that a new tablet to be sold by Totally Tablets, Inc. will become the most popular tablet in the global market. Elizabeth enters into a contract to buy 600 shares of Totally Tablet stock, anticipating an increase in its value. The tablet does not become popular, and the price of the stock does not rise. Elizabeth can recover a. nothing. b. the amount of the purchase price plus the expected increase. c. the amount of the purchase price. d. the amount of the purchase price plus the unexpected decrease. QUESTION 4 A contract between Maggie and Jim to lease residential property contains an exculpatory clause. This clause is a. enforceable as a matter of public policy. b. enforceable if either party is in a business important to the public. c. enforceable if an event occurs to which the clause applies. d. generally unenforceable. Oscar takes out a life insurance policy with Wellness Insurance Corporation that names his spouse Yolanda as the beneficiary. This is a. a third party incidental beneficiary contract. b. a third party intended beneficiary contract. c. an assignment. d. a delegation. QUESTION 6 Intoxicated but capable of comprehending the consequences of her actions, Rosa signs a contract to sell her phone app design to Call Connection, Ltd. This contract is a. unenforceable if Rosadisaffirms it. b. unenforceable because Rosa was intoxicated. c. unenforceable if Call Connection disaffirms it. d. enforceable. Fact Pattern 134 Sam's Construction, Inc., begins renovating an old ice skating rink for Extreme Skating, Inc., but after three months Sam's demands an extra $150,000. Extreme Skating agrees to pay. Refer to Fact Pattern 13-4. If Sam's says it is asking for the extra $150,000 because it has encountered extraordinary unforeseen difficulties that will add considerable cost to the project, the agreement is a. unenforceable as an illusory promise. b. enforceable as the consideration is past. c. enforceable because of unforeseen difficulties. d. unenforceable due to the preexisting duty rule. QUESTION 8 Consecutive damages are granted to compensate the non-breaching party for the loss of a bargain. True False Mia contracts to work exclusively for Generation Company during July for $5,000. On June 30 , Generation cancels the contract. Mia finds a similar job for the month of July but earns only $3,000. Mia files a suit against Generation Compan . As compensatory damages, Mia can recover a. $2,000. b. $3,000. c. $1,000. d. $0. QUESTION 10 Fact Pattern 13-1 Ted's Tea Shop and Clara's Chocolate World are adjacent businesses with parking lots that are next to each other. Ted's offers Clara's a discount on purchases at the Tea Shop if Clara's will not tow the cars of Ted's patrons who park in Clara's lot. Refer to Fact Pattern 13-1. Ted's Tea Shop's discount is legally sufficient consideration a. only if Ted's adds a cash rebate. b. only if Clara's uses it. c. because it is a promise of something of value. d. under no circumstances. Barry, an accountant, convinces his client Haily to sign a contract to invest her savings in FamousFaces, a nonexistent socialnetworking Web site. There is clear and convincing evidence that Haily did not act out of her free will. This is a. duress. b. fraud. c. undue influence. d. mistake. QUESTION 12 EarthSave and Tiffany enter into an oral contract in which Tiffany agrees to work on a project for EarthSave for eighteen months. This contract is enforceable by a. none of the choices. b. Tiffany. c. EarthSave. d. any third party, such as EarthSave's clients. A valid contract requires a. a duration and termination provision. b. a price and a subject. c. specific quality standards. d. an offer and an acceptance. QUESTION 14 Fact Pattern 19-1 Amanda enters into a contract to buy 450 acres from Barron Orchards to cultivate grapes and open a winery. Refer to Fact Pattern 19-1. If Barron Orchards breaches the contract, Amanda's remedy would most likely be a. a percentage of Barton Orchard's unrealized profit. b. the amount that Amanda expected to invest in the project. c. specific performance. d. the difference between the land's contract and market prices. John threatens physical harm to force to Edith to sell her restaurant, Organic Cafe, Inc., to John for a below-market price. This is a. undue influence. b. duress. c. mistake. d. fraud. QUESTION 16 Fact Pattern 13-1 Ted's Tea Shop and Clara's Chocolate World are adjacent businesses with parking lots that are next to each other. Ted's offers Clara's a discount on purchases at the Tea Shop if Clara's will not tow the cars of Ted's patrons who park in Clara's lot. Refer to Fact Pattern 13-1. Clara's Chocolate World's forbearance from towing is legally sufficient consideration a. under no circumstances. b. only Ted's patrons park in Clara's lot. c. only if Clara's customers cannot park in its lot because it is full. d. because it is a promise of something of value. A court adjudicates Henry mentally incompetent and appoints Inez to be his guardian. Later, without Inez's knowledge, Henry signs a contract to sell his farm to Jason for its real market value. The contract is a. enforceable if Henry knew the market value of the farm. b. enforceable if Henry comprehended the consequences. c. enforceable if Henry was the record owner of the farm. d. void. QUESTION 18 Sally's Songs Inc. and Galina enter into a contract for Galina to write five songs for which Sally's Songs agrees to pay her. Galina transfers her right to payment under the contract to Pete's Performance Agency. In the transfer of rights, Galina is a. an assignor. b. a third party beneficiary. c. a delegator. d. an obligor. Fact Pattern 15-3 City Abstract Company processes information furnished by others to transfer ownership to real estate from a seller to a buyer. In performing this task for a sale of land from John to Robert, the furnished information is mistaken. Refer to Fact Pattern 15-3. The contract between Johna and Robert that includes the mistake may be rescinded if the mistake involves a. value or quality. b. any fact. c. a material fact. d. opinion. QUESTION 20 Bob the Builder agrees to build a store for Mary's Bridal, Inc., on Bond Street. Before Bob begins construction, the local zoning law is changed to prohibit commercial buildings on Bond Street. In this scenario a. the contract is discharged. b. Contractors is in breach of contract. c. Discount must compensate Contractors for its lost profit. d. the local zoning authority is in breach of contract. Mara orally agrees to pay Leo to seed and harvest one-third of Mara's farm acreage for four seasons. After Leo prepares the land and plants the first crop, Mara says that their deal is off. If Leo is able to recover can most likely recover on a theory of a. reformation. b. liquidated damages. c. restitution. d. quasi contract. QUESTION 22 Diana asks Charles, "Do you want to hire me to repair your car?" This is a. not a valid offer because the terms are not definite. b. a valid offer. c. not a valid offer because Steve did not respond. d. not a valid offer because Rhonda did not express an intentStep by Step Solution
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