A Contract in Which Both Parties Are Mistaken About the Value

question 92

Multiple Choice

A contract in which both parties are mistaken about the value of the object of a contract is considered ________.

• A) unenforceable
• B) unconscionable
• C) nonrescindable
• D) void

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Definitions:

Partnership

An association of two or more persons to carry on as co-owners of a business for profit.

Partner

In a business context, an individual or another business entity that shares ownership of a company and is involved in its strategic decision-making processes.

Patents

Legal rights granted to inventors, providing exclusive use and control over their new inventions for a specific period.

Copyrights

Legal rights granted to creators over their original works, protecting them against unauthorized use for a limited time.