An Error About Certain Material Facts Made by One Party

question 46

Short Answer

An error about certain material facts made by one party to a contract is called a(n) ____________________.

---

Definitions:

Toyota Production System

An integrated socio-technical system developed by Toyota to efficiently organize manufacturing and logistics, including the interaction with suppliers and customers.

TPS

Stands for Transaction Processing System, a type of information system that collects, stores, modifies, and retrieves the transactions of an organization.

JIT Partnerships

Refers to Just-In-Time partnerships, a collaboration between suppliers and manufacturers to ensure materials are delivered just in time for production, reducing inventory costs and enhancing efficiency.

Variability

Variability refers to the extent to which data points in a set differ from the average value.