The contract of sale is an onerous contract. a. True b. False
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- All but which of the following must be present in order for a contract may be voided based upon mutual mistake? Multiple Choice 1. The mistake must result in a material effect on the contract. 2. a basic assumption about the subject matter of the contract is present. (Incorrect answer) 3. An adverse effect on a party who did not agree to bear the risk of mistake at the time of the agreement occurred. 4. Both of the parties were negligent in their representations to the other party.1.An entity shall offset an asset relating to one plan against a liability relating to another plan when, and only when, the entity: has a legally enforceable right to use a surplus in one plan to settle obligations under the other plan intends either to settle the obligations on a net basis, or to realize the surplus in one plan and settle its obligation under the other plan simultaneously Neither. Both 1 and 2. 1 only. 2 only.Initial impossibility of performance renders a contract...
- Impossibilty of performance is , as a rule not an excuse for non - performance of a contract . Discuss .5. List the six (6) types of contracts that must be in writing.How is an offer terminated? options: 1) A counter-offer by the offeree. 2) The offeree makes enquiries regarding the terms of the offer. 3) When there is a breach of the term by the offeree after acceptance. 4) The offeror serves a notice of revocation within reasonable time after acceptance.
- 3. Define the term contract and list all the essentials of a valid contract.1. A contract of sale of a lot stipulates that the "payment of the full consideration based on a survey shall be due and payable in 5 years from the execution of a formal deed of sale". Is this a conditional contract of sale? Support your answer. 2. Fieldmen's Insurance issued, in favor of MYT, a common carrier, accident insurance policy. 50% of the premium was paid by the driver. The policy indicated that the Company will indemnify the driver of the vehicle or his representatives upon his death. While the policy was in force, the taxicab driven by Carlito, met with an accident. Carlito died. MYT and Carlito's parents filed a complaint against the company to collect the proceeds of the policy. Fieldmen's admitted the existence thereof, but pleaded lack of cause of action on the part of the parents. Decide. 3. Goldenrod offered to buy a mortgaged property owned by Barreto Realty to which it paid an earnest money amounting to P1 million. It was agreed upon that Goldenrod would pay the…(12) The agreement which caused by fraud, coercion and misrepresentation is called..... a) Void b) Voidable c) Partially void
- 33) The act of forbearance of some deed at the request of the guarantor is usually consideration to the guarantor in a contract of guarantee. a. True b. False 34) A guarantee occurs when a third party agrees to pay off a loan made to another. a. True b. False 35) Exemption clauses in insurance contracts are strictly interpreted by the courts. a. True b. False 36) An offer to purchase life insurance is accepted when the agent provides the applicant with an insurance binder. a. True b. False 37) A comprehensive general insurance policy is one that covers most types of damage or loss to an insured's property as well as providing third party liability. a. True b. False 38) Subrogation allows an insurance company to recover its loss from the person(s) responsible without having to pay the insurance proceeds to the insured. a. True b. False 39) An insurance contract is one that is usually said to require utmost good faith on the part of the…1. State the issue in this case. 2. State the contract in this case. 3. State the elements of contract in this case.1-Define briefly Quasi Contract providing the elements required and provide an example of a Quasi Contract. 2- Define Promissory Estoppel providing the elements required and provide an example of when the Court will use Promissory Estoppel.