Which of the Following Statements Is True About a Court's

question 35

Multiple Choice

Which of the following statements is true about a court's willingness to rescind a contract due to a mistake?

• A) Courts are more willing to rescind a contract when a unilateral mistake has occurred.
• B) Courts are equally willing to rescind a contract whether the mistake is unilateral or bilateral.
• C) Courts are more willing to rescind a contract when a bilateral mistake has occurred.
• D) Neither a unilateral nor a bilateral mistake constitutes sufficient reason to rescind a contract.

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Definitions:

Supply Curve

A graphical representation of the relationship between the price of a good and the quantity of that good that suppliers are willing and able to provide.

Gas Prices

The cost per unit of gasoline, which fluctuates based on factors such as crude oil prices, taxes, demand, and refinery capabilities.

Equilibrium Quantity

At the market price, the supply of goods or services is equivalent to the demand.

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, resulting in market balance.