24-26 multiple choice only

24. Styles Paco buys a violin from Beverly for $250.00. Although the violin is very old, neither party believes that it is valuable. Later, however, an antiques dealer informs the parties that the violin is rare and worth thousands of dollars. Can Beverly rescind/cancel the contract? a. C. No. Although both parties are mistaken they are mistaken as to the value rather than a mistake of fact. Only a mistake as to fact warrants contract rescission/cancellation. b. Yes. As long as the mistake is mutual, then it can be cancelled or rescinded by either party. No. Even though it looks like a mutual mistake, in reality. it is a unilateral mistake because Paco is the one protected from such a mistake. 25. Actor Tom Selleck contracts to purchase a horse named Zorro for his daughter from Ms. Cuenca Cuenca acted like Zorro was fit to ride in competitions, when in reality. Cuenca knew the horse was unfit for this use because of a medical condition. Selleck filed a lawsuit against Cuenca for wrongfully concealing the horse's condition The most likely result from the court will be: a Selleck will lose because Cuenca did not make any statements that were fraudulent so a fraudulent misrepresentation concerning Zorro was not made. b. Selleck will lose because he never indicated to Cuenca that he wanted the horse for his daughter so she could ride in competitions with it. c. Selleck will prevail and be awarded compensation in that Cuenca's fraudulent misrepresentation was by conduct and did not have to be by making a verbal or written statement. Fraudulent misrepresentation can occur by or through a party's conduct and Cuenca's acting like Zorro was fit to ride in competitions will be sufficient for a court to conclude she committed misrepresentation by conduct. 26. Superior University forms a contract with Sam that Sam will teach three courses of business law during the coming academic year (September 15, 2017 through June 15, 2018). The contract is formed on March 1, 2017 Does the contract need to be in writing to be enforced in accordance with the Statute of Frauds? a b. Yes. Since it was formed/created on March 1, 2017, it needs to be in writing to be enforceable because it cannot be performed within one year from the date of its creation No. Since it was formed on March 1, 2017, seven months before it has to begin, then it can be performed within one year Yes. Since it is a contract that cannot be completely performed within one (1) year (or within 364 days), it must be in writing in order to be enforced according to the Statute of Frauds. It matters not when it was formed as. long. As it was formed before September 15, 2017 c