Dixon agrees to sell to Elmore, for $1,500, a remote parcel of land. They believe the land to be worthless, but beneath it is a shale rock containing oil. A court would
A) not rescind the contract
B) rescind the contract on the basis of fraud.
C) rescind the contract on the basis of mistake.
D) ?rescind the contract on the basis of undue influence.
A
You might also like to view...
Relationship-related currencies have more to do with strengthening the relationship with someone than directly accomplishing the project tasks.
Answer the following statement true (T) or false (F)
The researcher has the ethical responsibility of designing the questionnaire so as to obtain the required information in a biased manner
Indicate whether the statement is true or false
What is the correct formula for B10?
a) =YIELD(B2,B3,B4,B9/10,100,B7,B8)
b) =RATE(YEARFRAC(B2,B3,B8)*B7,B4*B6/B7,-B9,B6)*B7
c) =YIELD(B2,B3,B4,B9/B6*100,B6/B6*100,B7,B8)
d) All of the above
e) None of the above
Ben entered into a contract with Clooney Construction Inc. under which Clooney agreed to do $40,000 worth of remodeling of his home. Clooney agreed that the contract price could be paid in installments, and that to secure these payments, Clooney would take out a second mortgage on Ben's home. The day after signing the contract, Ben had second thoughts and immediately hand-delivered a written notice to Clooney stating that he wanted to rescind the contract. Which of the following statements is true of this case?
A. Ben can rescind the contract under the seller's right to cancel the right provided by the Truth in Lending Act as their house was not used as collateral. B. Ben cannot rescind the contract because the transaction involved more than $25,000 and was, therefore, not covered by the rescission right in the Truth in Lending Act. C. Ben cannot rescind because the rescission right in the Truth in Lending Act does not apply to transactions in which the creditor takes a mortgage to secure the loan. D. Ben can rescind the contract under the rescission right of the Truth in Lending Act.