Mary and Janet Both Agree on a Sale Price for the Vehicle

question 58

Multiple Choice

Mary and Janet both agree on a sale price for the vehicle of $8000. They reduce their contract to writing and incorrectly put the price at $800. The usual remedy by a court in this situation is:

• A) Rescission
• B) Rectification
• C) Ratification
• D) Repudiation

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Definitions:

Deflation

A decrease in the general price level of goods and services, often associated with an increase in the value of money.

Disinflation

A decrease in inflation rate, demonstrating a deceleration in how quickly the costs of goods and services increase.

Price Fall

A decline in the cost of goods and services, often indicating a surplus in supply, decreased demand, or broader economic factors.

Lender

An individual, a financial institution, or a group that provides funds to others with the expectation that the funds will be repaid, typically with interest.