A Contract for a Sale of an Apartment Complex from Unique

question 60

Multiple Choice

A contract for a sale of an apartment complex from Unique Properties, Inc., to Variety Investments Corporation contains an erroneous legal description. The most appropriate remedy for these parties is

• A) damages.
• B) reformation.
• C) rescission.
• D) specific performance.

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Definitions:

Equilibrium Price

The cost where the amount of products offered matches the amount of products sought by consumers.

Equilibrium Quantity

The quantity of goods or services supplied is equal to the quantity of goods or services demanded at the market equilibrium price.

Supply Curve

A graphical representation showing the relationship between the quantity of goods that producers are willing to sell and the price levels of those goods.

Market

A venue where buyers and sellers engage in trade, determining the price of goods and services through the laws of supply and demand.