1. Consequential damages cannot be limited or excluded if there has been a breach of contract. The breaching party must pay them.

   True

   False

QUESTION 23

1. The pre-existing duty rule prevents modifications of a contract from being enforceable when those modifications lack consideration.

   True

   False

QUESTION 24

1. Contracts for the sale of land do not need to be in writing to be enforceable if there were at least 2 witnesses to the oral agreement.

   True

   False

QUESTION 25

X purchased an airplane from Y. Y had told X that the plane was in very good condition and had been inspected and was certified to fly. Y did not know when he made those statements that they were false. The plane had not been inspected. X can rescind the contract and sue for damages based on fraud.

True

False

17. Mistake constitutes a defense to a contract when the mistake is a unilateral mistake as to value.

True/ false