Stewart Entered into a Contract with Will to Have Will

question 47

Multiple Choice

Stewart entered into a contract with Will to have Will build a 10-unit apartment complex on Elm Street in Randolph County.Unknown to both parties,this land had recently been rezoned and only single-unit dwellings can be constructed.

• A) This is a mistake of law.
• B) This is a mutual mistake of fact.
• C) Stewart is obligated to buy land elsewhere and have the complex constructed on property zoned for apartments.
• D) Will is liable to Stewart since Will is a contractor.

---

Definitions:

Products

Items or services that are manufactured, developed, or refined for sale to consumers.

Progressive Tax

A tax system where the tax rate increases as the taxable income or amount increases, aiming to equitably distribute the tax burden.

Income Tax Schedules

Tables or charts that determine the amount of tax payable based on income levels, incorporating various tax rates and brackets.

Economy

A system of production, distribution, and consumption of goods and services within a geographical, political, or social context.