1. Ron sells a rock to Rick for $0.25, which they both thought was an accurate exchange. Later Ron and Rick discover the value of the diamond is $50,000,000. Can Ron reseive the value of the rock back?
a. Yes, because it was a mistake of fact
b. No, because it was a mistake of value *
c. No, you cannot rescind this type of contract
d. Yes, because it was a mathematical mistake
e. Yes, becaue it was an unilateral mistakes
2. Ron, depressed he sold the rock, begins to taking singing lessons to release his negative energy. His instructor, Paul, says he has the potential to become a great singer and win Italy Idol. Paul is a ski instructor who has never actually seen Italialy Idol. Ron continues to buy singing lessons from paul, $51,393 worth,…show more content… Yes because Paul telling Ron that was fradualant misrepersentation
b. Yes because Ron reasonabily relied on this promise
c. Yes because Paul had superior knowledge and the statement could be considered a statement of fact rather than opinion
d. No because any reasonable person would not have mistaken that for fact*
e. No because Paul intentional decieved Ron
3. If Bob verbally agrees to coach a minor legal baseball team in march, while the head coach is out through september 23rd until June 23rd . Is the formate of this contract sufficient?
a. The contract has to be written because it cannot be performed within a year*
b. Verbal is suffiecent because of the statues of frauds
c. Yes, because nly contracts of land and collateral promises have to be written
d. No, because this type of contract has to be chizzeled in stone
e. No, because this contract does not exceed the one-year rule
4. Ron signs a contract to be a tutor for Bob. But Ron needs to study for the ACT and wants to assign Paul the rights to Ron’s services. Can Ron assign his rights to Paul?
a. Yes because the assignor has control over the contract
b. No, because rights cannot be assigned because its personal in nature*
c. Yes, because the rights are not personal in
