7) James orally entered into a contract to sell 100 tonnes of cotton to Bryan fo

Question

7) James orally entered into a contract to sell 100 tonnes of cotton to Bryan for a price of $1000 per ton. Both parties subsequently signed a written contract. However, the written contract mistakenly stated the price of cotton as $1100 per ton. While signing, Bryan failed to notice this mistake. Which of the following contract terms will govern in such a scenario?

Bryan can hold James responsible for the error and cancel the contract.

8) In which of the following situations is a state most likely to enforce a usury law?

X charges a very high rate of interest on money borrowed by Y.

9) Mark owes $2000 each to his business partners, Ryan, Bryan, and Clark. Since Mark is facing financial difficulties, his business partners agree to accept a total amount of $4800 from Mark as a cancellation of the unpaid balance due to them. This type of an agreement is known as a _____.

forbearance

10) Which of the following is true of the parol evidence rule?

It assumes that an oral contract represents the complete agreement.

11)When a party sues to enforce an alleged contract, the Statute of Frauds requires that:

the contract be evidenced by signatures on paper and not electronic signatures.

12) Which of the following is true of contracts?

Explanation / Answer

7. A. Both parties must consider the contract null because a mutual mistake has occurred.

8. B. X sells a plot of land at a rate higher than the maximum contract rate.

9. A. Composition of creditors

10. D. It assumes that an oral contract represents the complete agreement.

11. A. there be a note in writing signed by the party against whom the claim for breach of contract is made.

12. C. Written evidence, composed in clear language, is more reliable than oral.

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