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Difference between a mutual mistake and ambiguity

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Reference no: EM133264433

1. A salesman tells you that the diamond ring you want to purchase is ''the best quality diamond he has in the entire store and, in fact, is the best diamond he has ever seen.'' After you buy the diamond, you discover that the diamond is a very low grade. Have you been defrauded? Why?

2. Give two examples of contracts of adhesion not discussed in the chapter.

3. Explain the difference between a mutual mistake and ambiguity.

4. Explain the difference between misrepresentation and fraud.

5. Give an example of a contract induced by economic duress not discussed in the chapter.

Reference no: EM133264433

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