Notes This preview shows page 19 - 21 out of 28 pages. 29.(p. 367)Which of the following is not a requirement for avoiding a contract on the basis of mutual mistake?A.That the mistake related to a basic assumption on which the contract was made.B.That the mistake had a material effect on the agreed-upon exchange between the parties.C.That the mistake makes it unconscionable to enforce the contract.D.That the party adversely affected by the mistake did not bear the risk of the mistake. AACSB: AnalyticBT: ComprehensionDifficulty: EasyMallor - Chapter 13 #2930.(p. 367)In which of the following cases is avoidance of a contract for mutual mistake least likely? Get answer to your question and much more AACSB: AnalyticBT: ComprehensionDifficulty: MediumMallor - Chapter 13 #30 We have textbook solutions for you! The document you are viewing contains questions related to this textbook. Business Ethics: Ethical Decision Making & Cases Ferrell/Fraedrich Expert Verified 31.(p. 367)Otto inherited an old safe from his uncle. Otto did not have the combination to the safe and had noidea of its contents, if any. He sold the safe to his friend Marcel "as is" for $35. When Marcel opened the safe,he found $25,000 in cash. Now Otto wants to rescind the contract, claiming that the doctrine of mistake giveshim that right. Identify the accurate statement. Get answer to your question and much more AACSB: AnalyticBT: ApplicationDifficulty: HardMallor - Chapter 13 #3132.(p. 369)George & Co. makes a material error while preparing a bid for Acne Inc. The mistake was apparent onthe face of it and Acne was surprised at seeing the flaw. What remedy does George & Co. have? Get answer to your question and much more AACSB: AnalyticBT: ApplicationDifficulty: MediumMallor - Chapter 13 #32 Upload your study docs or become a Course Hero member to access this document Upload your study docs or become a Course Hero member to access this document End of preview. Want to read all 28 pages? Upload your study docs or become a Course Hero member to access this document We have textbook solutions for you!The document you are viewing contains questions related to this textbook. The document you are viewing contains questions related to this textbook. Business Ethics: Ethical Decision Making & Cases Ferrell/Fraedrich Expert Verified Which of the following is true when there is a mutual mistake in a contract?Which of the following is true when there is a mutual mistake in a contract? When both parties to a contract are mistaken about either a current or a past material fact, only the offeror can rescind the contract.
Which of the following is required for a mutual mistake to interfere with legal consent?For a mutual mistake to interfere with legal consent, it must involve a basic assumption about the subject matter of the contract, a material effect on the agreement, and an adverse effect on a party that did not agree to bear the risk of mistake at the time of the agreement.
Can a contract be avoided if there is a mistake of law?The Latin maxim ignorantia juris non excusat means that ignorance of the law is no excuse. Therefore under section 21 of the Indian Contract Act, 1872, a contract cannot be said to be voidable due to the mistake of the parties in understanding any laws that are in force in India.
What is a mutual mistake in contract law?A mutual mistake occurs when the parties to a contract are both mistaken about the same material fact within their contract. They are at cross-purposes. There is a meeting of the minds, but the parties are mistaken. Hence the contract is voidable. Mistake of Fact.
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Which of the following is not a requirement for avoiding a contract on the basis of mutual mistake
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