REG Module 5 Flashcards
1
Q
To be effective consideration to form a contract must be what?
A
Legally sufficient
2
Q
What is a unilateral contract?
A
When only one promise is made by the offeror
3
Q
Are advertisements considered offers?
A
No, but invitations to negotiate.
4
Q
Parol Evidence Rule (PER)
A
Prior oral or written negotiations CANNOT be used to contradict a final, signed, or written contract
5
Q
Fraud requires…
A
That misrepresentation of a material fact. Ordinarily opinions or statements of value do not constitute misrepresentations of material facts unless made by experts. Appraised value would constitute a misrepresentation of a material fact because it was made by an expert.
