Question

11. In relation to existing duties, which of the following statements is incorrect?
a) b) c)
d)
Performance of existing duties can never amount to good consideration.
Where the existing duties are exceeded, this may amount to good consideration
Where the promisee confers a benefit on the other party, this may amount to good consideration.
Where the promisee assists the other party in avoiding a detriment, this may amount to good consideration
12. An
a) Between friends and social acquaintances
b) Between husband and wife
c) Where parties in a commercial relationship have established the agreement between them is
'in honour only'
d) Between parties in a commercial relationship
13. Where a meaningless term is used in an agreement, the effect is?
a) The entire contract will be held unenforceable.
b) It has no practical effect on the contract - the whole contract is enforceable
c) This term, rather than the entire contract, may be held unenforceable.
d) The courts will order the parties to re-write the contract to more accurately identify what
their intentions were.
14. In relation to minors, which of the following types of contract is not voidable but binds the minor?
a) Contracts involving the sale of shares
b) Leasingproperty
c) Contracts of partnership
d) A contract for necessities
15. Which of the following is NOT a type of mistake in contract law?
a) Frustrated mistake
b) Common mistake
c) Mutual mistake
d) Unilateral mistake
16. Which of the following elements is incorrect in establishing an actionable misrepresentation?
a) A statement of material fact that induces the other party into the contract
b) A false representation
c) The innocent party did or did not believe the statement to be true
d) The representation induced the party into the contract.

Answer 1

Answer:

11. Performance of existing duties can never amount to good consideration.

12. Between husband and wife.

13. It has no practical effect on the contract. The whole contract is enforceable.

14. A contract of necessities

15. frustrated mistake

16. The innocent party did or did not believe the statements to be true.

Explanation:

A contract is a binding agreement in which both the parties are liable to fulfill the duties agreed in the contract. There can be terms listed in the contract on which both parties agrees. If there is a vague term, it needs to be cleared while if there is some meaningless term it has no effect on the contract.