I - 100% + OS SECTION 2 - TRUE AND FALSE - 10 marks Mark "T" (true) or "F" (false) on answer booklet for each of the following statements: 1. There is a presumption in law that people intend the natural consequences of their actions. Consideration is something of value in the eyes of the law. 2. 3. If I promise to give you my car tomorrow and you accept, then we have a valid contract. 4. Past consideration is good consideration. 5. 6. If the parties agree on a contract but they fail to negotiate the price and the contract is performed, then the law will imply that a reasonable price be charged based on the law of quantum meriut. In Prince Edward Island, a minor is someone under the age of 18 years. 1 A contract between competing businesses to fix prices on goods is illegal and contrary to the Competitions Act. 7. 8 9. 10. The collective agreement must be in writing in order for it to be enforceable. A bona fide purchaser for value without notice of a defect in title takes free of the defect. A misrepresentation precedes the formation of the contract and actually induces the contract. If a service repair person comes to your door to repair the boiler, there is an implied warranty that his work will be done in a good and workmanlike manner. The original common law defence of duress was restricted to actual or threatened physical violence to or unlawful constraint of the contracting parties. 11. 12. 13. Undue influence is not a valid defence to a contract