1. The term 'mistake' in ordinary conversation means an error in judgment or an unfortunate act. In contract law, however, mistake is a belief about a fact that is not in accordance with the truth.
True
False
2. The general common law rule is that an offeror can revoke an offer at any time before acceptance.
True
False
3. Which of the following are examples of necessaries?
Food
clothing
shelter
All of the above.
4. An option contract is one of the types of situations in which an offeror is not free to revoke the offer for a specified period of time.
True
False
5. The battle of the forms rule does not apply to merchants.
True
False
6. An untrue assertion of fact made with knowledge of falsity and with intent to deceive are required elements for fraud.
True
False