If There Has Been a Mutual Mistake,the Contract May Be

question 28

True/False

If there has been a mutual mistake,the contract may be rescinded on the grounds that no contract has been formed because there has been no "meeting of the minds" between the parties.

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Definitions:

Co-Worker

An individual who works with another in the same organization or on the same project, but not necessarily having the same rank.

One-Sided Agreement

A contract where the terms and conditions are favorable to one party, often at the expense of the other party.

Unilateral Contract

A contract where one party makes a promise in exchange for an action performed by the other party, which then binds the first party.

Adequacy Of Consideration

The fairness or sufficiency of what one party receives in return for what they provide in a contract.