A Famous Decision Involving Mistake as to the Meaning of Contract

question 36

True/False

A famous decision involving mistake as to the meaning of contract terms is Raffles v.Wichelhaus,a case involving two ships with the same name which were confused by the two parties to the contract.

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Definitions:

Alternative A

A term that refers to one of several options or choices in a decision-making process, typically labeled as "Alternative A" for distinction.

Financial Advantage

This term refers to the benefits gained in financial terms, which could include lower costs, higher revenues, or any other aspect that improves a company's financial position.

Unit Price

The cost per single item or unit, facilitating cost comparisons and financial analysis.

Outside Supplier

An external entity that provides goods or services to another organization.