14 Jun ACT 5782-Which of the following statements is FALSE
Question
36. Which of the following statements is FALSE?
A. If an authorized means of acceptance is implied but NOT specifically stated in the offer, any attempt by the offeree to accept by a NONAUTHORIZED MEANS is not effective until the acceptance is actually RECEIVED by the offeror rather than at time of dispatch.
B. Consideration may consist of something that has no monetary or economic value.
C. Consideration may consist of a promise to refrain from doing something that a person has a legal right to do.
D. Courts do NOT generally concern themselves with whether parties to a contract receive “adequate” consideration.
E. Gross inadequacy of consideration does NOT give rise to an inference of fraud or duress.
37. Which of the following statements is FALSE?
A. A promise is a contract to discharge a LIQUIDATED debt (a debt where there is no dispute as to its existence or amount) is considered valid consideration and is enforceable.
B. When a minor disaffirms a contract, the minor is obligated to return to the adult any consideration still in the minor’s possession.
C. A contract setting an honest dispute about the existence of an UNLIQUIDATED debt is enforceable and binding as an accord and satisfaction, and does not fail for lack of consideration.
D. A contract that lacks valid consideration may still be enforced if the doctrine of promissory estoppel apples.
38. Which of the following statements is FALSE?
A. The legal theory for allowing disaffirmance of contract due to misrepresentation, fraud, duress, and undue influence is the parties lack voluntary consent (no meeting of the minds).
B. A minor acquires capacity to contract when the minor becomes “emancipated”.
C. There does not need to be evidence of an intent to deceive the order contracting party for a contract to be voidable for misrepresentation.
D. Untrue statements about future events or opinions, even if relied upon by the other contracting party, do not constitute misrepresentation.
39. Martha is a 70 years old lonely widow who likes to dance the night away. She meets Lance, a young, good looking dance instructor at the local dance school. Martha really likes (perhaps loves) Lance and sings a contract for $150,000 for dance lessons over the next ten years. Martha does not suffer from dementia or any mental impairment that would require treatment or hospitalization. She is lucid, and understood the contract when she voluntarily signed it. Which of the following legal theories, if any, could Martha use to disaffirm this contract?
A. Fraud
B. Duress
C. Undue influence
D. Lack of capacity to contract
E. Illegal subject matter of the contract.
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