Steven Has a Typed Copy of a Contract,which He Would

question 30

Multiple Choice

Steven has a typed copy of a contract,which he would like to have Thomas sign.Thomas,who needs glasses to read typing,doesn't want to sign until he has read the document,but Steven convinces Thomas to sign it anyway,because it is a "standard" contract for this type of situation.Is the contract which Thomas signed binding upon him?

• A) No,because he did not read it
• B) No,because he entered into it based upon fraud in the execution
• C) Yes,because he has made a unilateral mistake of law
• D) Yes,because he was negligent in not ascertaining its contents

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Definitions:

Discount Period

The time frame within which a payment can be made at a discounted rate from the total outstanding amount, incentivizing early payments.

Inventory

The goods or materials a business holds for the purpose of resale or production.

Cash Sales

Transactions where payment for goods or services is made immediately in cash at the time of sale.

Cost Of Goods Sold

The direct costs attributable to the production of the goods sold in a company, including materials and labor.