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Question
Odiferous Waste Company is a subsidiary of Precarious Investments, Inc. Odiferous operates a hazardous waste disposal site. QuikChem Corporation is one of many parties who generate waste disposed of at the site. Odiferous borrows money from Regal Bank, which takes over the site when Odiferous goes bankrupt. The Environmental Protection Agency discovers a leak at the site. Can any of these private parties be forced to pay for the clean up? If so, who?Answer
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Related questions
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Jane and Phil enter into a contract, but make a bilateral mistake. For the contract to be rescinded by either party, the bilateral mistake must be about
a. a material fact.
b. value.
c. an opinion.
d. a prediction.
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Byron agrees to sell to Charity, for $1,500, a remote parcel of land. They believe the land to be worthless, but beneath it is a gold mine. A court would
a. cancel the contract due to Byron's failure to know the land's value.
b. cancel the contract due to Charity's failure to know the land's price.
c. cancel the contract due to the difference between the contract price and the market price.
d. enforce the contract.
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A contract entered into under undue influence is voidable.
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Intent to deceive is an element of fraud.
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Misrepresentation can occur by words or actions, but not by silence.
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Misrepresentation of a material fact cannot occur through conduct alone.
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Often, when both parties to a contract are mistaken as to the same material fact, either party can rescind the contract.
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A unilateral mistake always gives the mistaken party a right to relief from the contract.
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Any party who does not receive what he or she considers a fair bargain can argue mistake.
Q:
Eli, a minor, buys an automobile insurance policy from Faithful Insurance Company and pays a $1,000 premium. If Eli can disaffirm the contract, he can most likely recover
a. $500.
b. $1,000.
c. $1,500.
d. nothing.
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When a statute protects a certain class of people, a member of that class cannot enforce an illegal contract.
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In most illegal contracts, both parties are considered to be equally at fault, and neither party can enforce it or recover damages under it.
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A covenant not to compete is never enforceable.
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Any contract entered into with an unlicensed party is unenforceable.
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Gambling involves the distribution of property by chance among persons who have paid valuable consideration for the opportunity to receive it.
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Contracts entered into by mentally incompetent persons can be valid.
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A minor has a reasonable time, after the minor reaches the age of majority, to disaffirm a contract.
Q:
For a minor to disaffirm a contract, he or she must present the contract to a court.
Q:
When both parties to a contract are minors, both of them may disaffirm the contract.
Q:
Omni Insurance Company violates a state licensing statute when selling an insurance policy to Petra, in whose state Omni is not licensed to sell insurance. As a member of the class of persons protected by the statute, Petra can
a. do nothing with respect to the policy.
b. enforce the policy or recover the amount of the premiums paid.
c. only enforce the policy.
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b. the hours up to the statutory maximum and the extra hours.
c. the hours up to the statutory maximum or the extra hours.
d. nothing.
Q:
Lucy, a minor, disaffirms a contract for necessaries without returning the goods. To Manny's Food Mart, the seller, Lucy is required to pay
a. nothing.
b. the reasonable value of the goods.
c. the sales price of the goods.
d. the ultimate worth of the goods.
Q:
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a. a covenant not to sue.
b. an accord and satisfaction.
c. unliquidated.
d. a release.
Q:
After an accident with a driver for Onyx Security Company, Paul signs a covenant not to sue Onyx for damages in a tort action if it pays for the damage to his car. This covenant
a. bars recovery only if Onyx pays.
b. is an illusory contract.
c. is barred by the preexisting duty rule.
d. is unconscionable.
Q:
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Q:
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a. one of the parties claims that they entered into an unwise contract.
b. something exchanged is not of direct economic or financial value.
c. the items exchanged are of unequal value.
d. there is a large disparity in the amount or value of the consideration exchanged.
Q:
Statutes of limitations in all states require a debtor to pay a debt within a specified period of time.