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Recent legislation in some provincial jurisdictions overrides the common law that governed the acceptance of a payment of a lesser amount in full satisfaction of a debt. What is the policy rationale for the legislation?

Select one:

a$.$ to allow debtors to pay by instalments over time

b$.$ to promote the settlement of debts on a final basis

c$.$ to allow creditors to increase the collection of debts

d$.$ to promote a reduction in consumer debt

How does the common law classify a situation in which both parties to an agreement have shared the same fundamental mistake in order to provide a remedy?

Select one:

a$.$ as a mistake at law

b$.$ as a shared mistake

c$.$ as a common mistake

d$.$ as a mutual mistake

With respect to the relationship that exists between contractual parties, what is meant by the phrase "meeting of the minds"?

Select one:

a$.$ there is an agreement between two or more parties

b$.$ the legal cornerstone of the commercial operation has been formed

c$.$ ere is an informing idea behind the contractual relationship

d$.$ there is agreement upon the intrinsic responsibilities owed to each other