1. A offers B $100,000 for his farm, and they sign an agreement for the sale. Before the money is paid, A finds out that the market value of the farm is only $55,000. A:
a. does not have to go through with the contract because there is not adequate consideration
b. none of the other choices
c. must buy the farm, but the price will be lowered to create consideration of proper value
d. must buy the farm, but the price will be lowered when the court reforms the contract
e. does not have to go through with the contract because there was a mistake of fact
2. An example of a generic trademark is:
a. Clorox
b. Bufferin
c. none of the other choices
d. Zipper
e. Dairy Queen
3. Some contracts must be in writing and signed to be enforceable. Contracts that are covered by the statute of frauds include:
a. contracts that must be performed within a year
b. none of the other choices
c. contracts for vehicles
d. contracts for the sale of personal property
e. promises to pay the debt of another