QuestionQuestion

True or False

1. Where the subject matters of a contract does not exist at the time that the parties enter into the contract, the contract will be held void.
2. The injured party must rely on the misrepresentation (false statement of facts) and suffer damages as a result of such a reliance.
3. The doctrine of frustration excuses parties to a contract from failure to perform in circumstances where they are not at fault.
4. Quantum Meruit is awarded where an amount has been specified in the contract.
5. A trust is an arrangement in which property is sold from person A to person B with the intent that person B looks after the property and administer it for person’s C’s benefit.
6. Because the courts will not assist either party to an illegal contract (where both are aware of the illegality), a plaintiff is unable to recover any money or goods it has given to the defendant as part performance of the contract.
7. The moment that an offer is communicated, a contract is formed and each party is bound to comply with its terms.
8. A person is insolvent when he has debts exceeding $1000 and is unable to meet his creditors as they fall due, or when his liabilities exceed his realizable assets.
9. At common law, a mortgage is conveyance of an interest in land as security for a debt. If the debt is repaid as agreed upon, the conveyance becomes void and the interest in land reverts. If the debt is not repaid then the mortgagee owns the interest absolutely.

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1. Where the subject matters of a contract does not exist at the time that the parties enter into the contract, the contract will be held void.

Answer: False. Even future existence of a property can be the subject matter of a contract...
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