Where the Wrong Words Are Inadvertently Used by a Party

question 73

True/False

Where the wrong words are inadvertently used by a party in stating the terms of a contract,resulting in a mistake,the contract will be binding on the party if it was reasonable for the other party to rely on the words used.

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Definitions:

Pure Monopoly

A market structure where a single firm is the sole producer of a product or service with no close substitutes.

Small Town

A community with a small population, typically larger than a village but smaller than a city.

Foreign Exchange

The exchange of one currency for another or the conversion of one currency into another currency.

Imperfectly Competitive

A market structure where not all participants have equal ability to influence prices, with variations in products and control.