Question: If both parties to a contract misunderstand a key factor in the contract, then there is no contract because of mutual mistake. True False

If both parties to a contract misunderstand a key factor in the contract, then there is no contract because of mutual mistake.
True
False
If both parties to a contract misunderstand a key factor in

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!

Q:

If both parties to a contract misunderstand a key factor in the contract, then there is no contract because of mutual mistake. True False

Q:

6. The party making an offer is called the offeree. ___ True ___ False 7. Objective intent is what a reasonable person would believe about the seriousness of an offer based on the language of the...

Q:

In which of the following situations would a person lack the capacity to enter into a contract? Question 6 options: holding a belief in life on other planets having a tendency to spend too much money...

Q:

10. If both parties hold an erroneous belief about a basic assumption in the contract, this may be the basis for canceling the contract as a mutual mistake. ___ True ___ False 11. In the United...

Q:

[ 9 ] The parties to a contract may, within the terms of a contract, allocate the risk of a mistake concerning the subject matter of the contract. Or , stated another way, one party to the contract...

Q:

Chapter 10 from Business Law and the Legal Environment was adapted by The Saylor Foundation under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 license without attribution as requested...

Q:

Please solve the mutiple-choice questions in the word doc. INTRODUCTION: Commercial Paper & Agency Commercial Paper Commercial paper (under the category of negotiable instruments) is a document...

Q:

Please solve the mutiple-choice questions in the word doc. INTRODUCTION: Commercial Paper & Agency Commercial Paper Commercial paper (under the category of negotiable instruments) is a document...

Q:

National Business Institute of Australia 20 Clark Rd. Ivanhoe Victoria 3079 www.nbi.com.au 03 9499 7872 FNSORG601A Negotiate to achieve goals and manage disputes Student Workbook melbourne . sydney ....

Q:

1.A frustrating event can be all of the following, except - a. increase in the cost of materials needed to perform the contract b. change of circumstances that are unforeseen c. a hurricane 2. Which...

Q:

A digital camera maker produces three different models: (1) base model, (2) zoom model, and (3) zoom model with extra memory. Data for the three models are shown in the table below. The three models...

Q:

On December 31, 2015, the following data are available on one of the cash- generating units of Paradise Company: Cash Inventory Accounts receivable Plant and equipment Accumulated depreciation...

Q:

Historical budgeting is a common approach used in budgeting. Allows for quick and easy preparation What are some of the characteristics, advantages, and disadvantages of Historical budgeting? Creates...

Q:

2. The force of interest 8 is a function of time and at any time t, measured in years, is given by the formula: 8(t) = 0.02 +0.0020 8(t) = 0.03 +0.005t Osts5 5 st s 10 a) Calculate the discount...