Mistake About Terms Does NOT Include

question 98

Multiple Choice

Mistake about terms does NOT include

• A)the attribution by the parties of different meanings to words used in a contract.
• B)errors that are made in the recording of an agreement between parties.
• C)the error of judgment that a party makes when he or she enters into a bad contract.
• D)misunderstandings about the meanings of words used in a contract.
• E)words used inadvertently in stating the terms of a contract.

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Definitions:

U.S. Income Tax System

The federal government's structured method of collecting revenue from individuals and businesses based on their earnings, with varying rates and brackets.

Special Provisions

Specific clauses or terms added to agreements or contracts that tailor requirements or conditions to particular circumstances.

Consumption Tax

A consumption tax is a tax on the purchase of goods or services, levied at the point of sale, aimed at reducing consumption and raising revenues for governments.

Incentive

A factor, either monetary or non-monetary, that motivates individuals or entities to behave in a certain way.