Generally,a Unilateral Mistake Allows Either Party to Rescind the Contract

question 59

True/False

Generally,a unilateral mistake allows either party to rescind the contract if the other party knew or should have known that a mistake was made.

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Definitions:

Future Value

The estimated future worth of a current asset on a given date, projected by assuming a specific growth rate over a period.

Interest Rate

A fee that's calculated as a proportion of the principal sum and is required by the lender from the borrower for lending money or assets.

$M

A shorthand notation for million dollars, used mainly in financial contexts to denote monetary values.

Interest Rate

The percentage charged on borrowed money, reflecting the cost of borrowing or the gain from saving.