When a Contract Refers to an Item by Name,and There

question 91

Multiple Choice

When a contract refers to an item by name,and there are two different items by that same name but the contract does not identify which one was intended,what type of mistake has occurred if each party assumed the contract referred to a different one of these identically named items?

• A) a mutual mistake of fact
• B) a unilateral mistake of fact
• C) a unilateral mistake of value
• D) a mutual mistake of value
• E) No mistake occurred in this situation if the correct name was used.

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Definitions:

Fieldwork

The collection of information or samples from the natural environment or in social settings, often used in anthropology, biology, and sociology.

Globalization

Globalization is the process by which businesses or other organizations develop international influence or start operating on an international scale, leading to increased interconnectedness and interdependence of the world's economies, cultures, and populations.

Code of Ethics

A code of ethics is a set of principles and guidelines designed to help professionals conduct their activities with honesty, integrity, and fairness.

Ethical Considerations

Pertains to the evaluation of actions and decisions based on moral principles and values, often involved in determining the rightness or wrongness of certain behaviors.