Unilateral Mistakes Occur When Only One Party Is Mistaken About

question 156

True/False

Unilateral mistakes occur when only one party is mistaken about a material fact regarding the subject matter of the contract.

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Definitions:

Indirect Expenses

Costs that are not directly traceable to a specific product, service, or department, such as utilities or administrative salaries.

Direct Expenses

Direct expenses are costs that can be directly attributed to a specific cost object, such as a product or service.

Indirect Cost

Expenses not directly attributable to the production of goods or services, such as overheads.

Allocate

To allocate means distributing resources or duties for a specific purpose or to particular entities.