List the three requirements that a mistaken party has to prove in order to claim that the contract is void due to the fact that there had been a mistake and thus no consensus between the parties?
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List the three requirements that a mistaken party has to prove in order to claim that the contract is void due to the fact that there had been a mistake and thus no consensus between the parties?
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- 18) The aggrieved party can claim only the damages in case of breach of warranty. a) True b) False 19) A buyer has right to examine goods for the purpose of ascertaining whether they are in conformity with the contract. a) True b) False 20) In respect of hire purchase, the owner must serve the hirer and the guarantors a copy of the hire purchase agreement within 14 days after it is made a) True b) False 21) In hire purchase, the owner must obtain from the hirer a deposit in cash or in goods or partly in cash and partly in goods, to a value not less than one-fifth of the cash price of the goods. a) True b) FalseAccording to the CISG, when a contract is for sale of goods by description, a slight breach may be treated as a fundamental breach. True or False. Explain.a. true or false It is not necessary to prove a contract to sell land by a writing when both parties admit in court that they entered into a contract. b. true or false Consideration must be a bargained for legal benefit for both of the parties to the contract. c. true or false A contact exists and can be enforced even where one side's alleged consideration was a past un-bargained for act that benefited the other party.
- 13. What does it mean to say that a contract term is ambiguous? It means that the term was added unilaterally at some time during the life of the contract It means that the term is vague and subject to multiple, reasonable interpretations It means that its performance will greatly disadvantage one of the parties.In relation to Consideration select the CORRECT statement:Select one:To be valid, the agreed price and the goods sold, must be of equal value.Consideration can be vague or illusory as long as it was communicated to the other partyConsideration is the exchange of something of value (a thing, a promise, money etc), given in return for something else of value (a thing, a promise, money etc)Consideration is not necessary to form a legally binding contractTo be valid, Consideration must involve payment of money, in return for something of value.Which of the following is true of a severable contract? Multiple Choice It must be enforced or rejected in its entirety. It contains multiple parts that need to be performed collectively. It has both legal and illegal portions in the contract. It needs complete performance by both parties.
- Contracting parties may not terminate the contract by agreement. True or false?1. According to the 1980 United Nations Convention on Contracts for the International Sale of Goods, an agreement on a price is required for a contract for the sale of goods to be valid? a. Yes, if the contract is done by writing. b. Yes, article 14 of the convention provides for it. c. No, the price is always unilaterally determined by the seller. d. No, article 50 regulates the case of the valid conclusion of a contract for the sale of goods without determination of the price. e. Yes, if the value of the contract is more than € 10.000. 2. Choose a contracting State to the 1980 United Nations Convention on Contracts for the International Sale of Goods that is not bound by article 11, article 29 or Part II of the Convention that allows a contract of sale to be done in any form other than in writing: a. Finland b. United States of America c. Mexico d. Canada e. Belarus 3. Albert is a merchant selling cars. Bob offered € 5.000 for a car which price announced by Albert was € 10.000.…Discuss 6 main remedies for breach of contract.
- The contract of sale is distinct from other types of contracts because it has two additional requirments for validity. In order for a valid sale agreement to be concluded, the parties must agree on i) the object of sale and ii) on the purchase price. Briefly explain what each of these two requirements entail.(a) In performing a contract of sale of goods, there may be a situation where the seller fails to deliver the goods in the agreed quantity. Discuss the rights of the buyer upon such failure.(b) Mel complains about a shabby t-shirt that was delivered to him by an online trader upon his purchase, but the trader refuses to issue a refund on the ground that the t-shirt is a clearance item. Advise MelWhich of the following is true regarding whether the buyer and seller may negotiate contractually for a shorter time period to sue for breach of contract than the statute of limitations period ordinarily recognized by the Uniform Commercial Code? Multiple Choice The buyer and seller may not negotiate for a shorter time period to sue for breach of contract, instead, they must recognize the statute of limitations period established by the Uniform Commercial Code. Without limitation, the buyer and seller may negotiater a shorter time period to sue for breach of contract than the statute of limitations period ordinarily recognized by the Uniform Commercial Code. The buyer and seller may negotiate for a shorter time period to sue for breach of contract than the statute of limitations period ordinarily recognized by the Uniform Commercial Code, so long as the contractually-agreed-upon time period is not for less than one year. The buyer and seller may negotiate for a shorter time period to…