A Unilateral Mistake of Fact Is Ordinarily Grounds for Avoiding

question 31

True/False

A unilateral mistake of fact is ordinarily grounds for avoiding a contract.

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Definitions:

Inflation

The rhythm at which the universal cost metrics for goods and services advance, trimming down purchasing reach.

Annual Interest Rate

The percentage increase in money that borrowers pay lenders over a year, based on the original amount of the loan.

U.S. Income Tax System

The progressive tax system in the United States where taxes are based on income levels and include deductions and credits, resulting in varying rates.

Indexed for Inflation

A mechanism to adjust income payments or prices by taking into account the rate of inflation to preserve purchasing power.