Asked by
Jaimmey Torres
on Nov 27, 2024Verified
A misunderstanding concerning a basic assumption on which a contract is made will support the rescission of the deal if the mistake is
A) bilateral.
B) unilateral.
C) lateral.
D) any of the choices.
Bilateral
Involving two parties, groups, or countries, especially in agreements or negotiations.
Rescission
The act of canceling a contract and returning all parties involved to their pre-contractual state, often due to fraud or mistake.
Contract
A legally binding agreement between two or more parties that outlines rights and duties each party is obliged to fulfill.
- Identify the conditions under which a contract may be rescinded due to mistakes.
- Distinguish between unilateral and bilateral mistakes and their effects on contracts.
Verified Answer
SB
Learning Objectives
- Identify the conditions under which a contract may be rescinded due to mistakes.
- Distinguish between unilateral and bilateral mistakes and their effects on contracts.