Question: When a party to a contract makes a unilateral mistake, the contract: generally can be rescinded by the mistaken party. is void. can be rescinded

When a party to a contract makes a unilateral mistake, the contract:
generally can be rescinded by the mistaken party.
is void.
can be rescinded by either party.
generally cannot be rescinded by the mistaken party unless the non-mistaken party knew, or should have known, of the error.
When a party to a contract makes a unilateral mistake, the

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:

The neural structure of the sea slug Aplysia has been widely studied (first by Nobel Laureate Eric Kandel) because it has only about 20,000 neurons, most of them large and easily manipulated....

Q:

When a party to a contract makes a unilateral mistake, the contract: generally can be rescinded by the mistaken party. is void. can be rescinded by either party. generally cannot be rescinded by the...

Q:

Please answer those questions The common law governs contracts for: a. services. b. real estate. c. employment. d. All of the above. When Myrtle comes home from work one evening, she nds that her...

Q:

21. When a party to a contract makes a unilateral mistake, the contract: a. generally can be rescinded by the mistaken party. b. is void. can be rescinded by either party. d. generally cannot be...

Q:

When a party to a contract makes a unilateral mistake, the contract: Multiple Choice generally cannot be rescinded by the mistaken party. can be rescinded by either party. is void. generally can be...

Q:

I believe unilateral mistakes should not be a defense to contract formation. Contracts are agreements between two parties. Each party has the responsibility to understand the terms before agreeing....

Q:

Write a paper that summarizes the main points of the current IFRS exposure drafts attached. Additionally, compare/contrast with current theory/standards. Each section must be a minimum of two pages....

Q:

Write an original paper thatsummarizes the main points of the current IFRS exposure drafts attached. Additionally, compare/contrast with current theory/standards. Each section must be a minimum of...

Q:

___________ is based on pressure exerted by coercion; _________________'s pressure is exerted through persuasion. Multiple Choice Scienter; fraud Undue influence; duress Fraud; scienter Duress; undue...

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:

Question 26 In contract law, _____________________ is the act of accepting and giving legal force to an obligation that previously was not enforceable. ratification dissaffirmance avoidance filing a...

Q:

You are looking at a potential acquisition and want to estimate its value. A highly similar and competitive income-producing property has sold in the same submarket as the subject property. The sales...

Q:

Martin corporation purchased 2 securities during the year. 3,000 shares of common stock, purchased for $15,000 and valued at fair value of $21,000 as of December 31, 2014. 1,000 shares of preferred...

Q:

cannot be established if the damages or loss suffered by the plaintiff would have occurred regardless of whether the audited financial statements were misstated.

Q:

The annual demand for an item is 1,700 units. The order cost is $7. Unit cost is $8 and the unit holding cost per year is 18% of the item's value. The order quantity is 125 units. What are the total...