QUESTION 19 Smith, a farmer hires ABC contractors to build a new barn on his open farmland ABC agrees to charge $10,000 for the barn When ABC starts digging they discover that there is an old well under the location of the barn, which was not visible ABC contractors want to charge an additional $5,000 to build the barn because of the cost of removing and filling up the well Whichstatementis correct a ABC cannot charge the additional money because of a pre existing duty to complete the job for $10,000 b ABC cannot charge the additional money because they had a duty to make sure there was nothing located under the land before they agreed to a price and signed the contract c ABC can charge the additional money, because finding thehiddenwell when starting to dig is an unforeseen circumstance d ABC can charge the additional money, because a contractor can always increase the price of a job until the job is complete QUESTION 20 When a person is legally adjudged insane, that person loses the ability to enter into contracts True False QUESTION 21 Ian a minor age 16, bought a bicycle from Dan,an adult age 22 He paid $200 00 Ian wants to rescind the contract Before he returns the bike all the tires become flats becauseIan rode over a bed of nails Ian returns the bike and tells Dan he want to disaffirmthe contract In New York Ianwould receive afull refund of $200 00 and he does not pay for the flat tires because minors can rescind a contract without making restitution True False QUESTION 22 Donald enters into a contract with Drake for $$50,000 to sing at his party Drake cancels Donald can sue for specific performance and have the court order that Drake sing at the party True False 23 Alice promised verbally to pay Betty $50 00 if Betty did not smoke a cigarette for 24 hours Betty did not smoke a cigarette for 24 hours a This is a quasi or implied in law contract contract b This is a implied in fact contract c This is a liquidated damages clause d This is express unilateral contract QUESTION 24 A minor may disaffirm a contract for food, clothing, or shelter and avoid liability for the reasonable value of the goods True False

Question

QUESTION 19 Smith, a farmer hires ABC contractors to build a new barn on his open farmland  ABC agrees to charge $10,000 for the barn  When ABC starts digging they discover that there is an old well under the location of the barn, which was not visible  ABC contractors want to charge an additional $5,000 to build the barn because of the cost of removing and filling up the well  Whichstatementis correct  a  ABC cannot charge the additional money because of a pre existing duty to complete the job for $10,000  b  ABC cannot charge the additional money because they had a duty to make sure there was nothing located under the land before they agreed to a price and signed the contract c  ABC can charge the additional money, because finding thehiddenwell when starting to dig is an unforeseen circumstance  d  ABC can charge the additional money, because a contractor can always increase the price of a job until the job is complete  QUESTION 20 When a person is legally adjudged insane, that person loses the ability to enter into contracts  True False QUESTION 21 Ian a minor age 16, bought a bicycle from Dan,an adult age 22  He paid $200 00  Ian wants to rescind the contract  Before he returns the bike all the tires become flats becauseIan rode over a bed of nails Ian returns the bike and tells Dan he want to disaffirmthe contract  In New York Ianwould receive afull refund of $200 00 and he does not pay for the flat tires because minors can rescind a contract without making restitution  True False QUESTION 22 Donald enters into a contract with Drake for $$50,000 to sing at his party Drake cancels Donald can sue for specific performance and have the court order that Drake sing at the party True False 23 Alice promised verbally to pay Betty $50 00 if Betty did not smoke a cigarette for 24 hours  Betty did not smoke a cigarette for 24 hours  a  This is a quasi or implied in law contract contract b  This is a implied in fact contract c  This is a liquidated damages clause d  This is express unilateral contract QUESTION 24 A minor may disaffirm a contract for food, clothing, or shelter and avoid liability for the reasonable value of the goods True False

Accepted Answer

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	a.	ABC cannot charge the additional money because of a pre-existing duty to complete the job for $10,000.
	b.	ABC cannot charge the additional money because they had a duty to make sure there was nothing located under the land before they agreed to a price and signed the contract
	c.	ABC can charge the additional money, because finding thehiddenwell when starting to dig is an unforeseen circumstance.
	d.	ABC can charge the additional money, because a contractor can always increase the price of a job until the job is complete.

Question

QUESTION 19 Smith, a farmer hires ABC contractors to build a new barn on his open farmland. ABC agrees to charge $10,000 for the barn.

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	a.	This is a quasi or implied in law contract contract
	b.	This is a implied in fact contract
	c.	This is a liquidated damages clause
	d.	This is express unilateral contract