If a Party to an Existing Contract Discovers He or She

question 91

Multiple Choice

If a party to an existing contract discovers he or she had made an incorrect statement during the contract negotiations,then he or she should

• A)rescind the contract immediately.
• B)declare the contract voidable at the option of the other party.
• C)call his or her lawyer before he or she is sued for negligent misrepresentation.
• D)inform the other party of the true situation as soon as possible.
• E)offer to make allowances for any misunderstandings.

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Definitions:

Customer Preferences

Individual likes or dislikes influencing purchasing decisions, varying greatly among consumers.

Quantification

The process of measuring, calculating, or assigning a numerical value to something.

Consumer Behavior

The study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society.

Revenue Management

A strategy to maximize income by managing the sale of inventory through pricing and timing, commonly used in sectors like hospitality and airlines.