Give an Example of Each of the Following

question 43

Essay

Give an example of each of the following:
a. Unilateral mistake
b. Mistake in the meaning of a contract term.
Nancy offers to sell Sidney a certain boat. Sidney believes the boat is a valuable antique with significant collector's value. Nancy makes no misrepresentations with

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Definitions:

Free Trade

An economic policy that allows goods and services to be bought and sold across international borders with little to no government tariffs, quotas, subsidies, or prohibitions to inhibit exchange.

Consumer Surplus

The contrast between the potential payment by consumers for a product or service and their real expenditure.

Autarky

An economic system or policy of self-sufficiency where a country does not engage in international trade.

International Trade

International Trade encompasses the exchange of goods, services, and capital across international borders, benefiting countries through specialization and trade.