Please Define the Following Key Terms

question 51

Short Answer

Please define the following key terms
-Examination system

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Definitions:

Unilateral Mistake

In contract law, a mistake made by only one of the contracting parties. Unilateral mistake does not offer sufficient grounds for recession or renegotiation.

Rescind Contract

The process of legally voiding a contract, thereby returning all the parties involved to their original state as if the contract had never occurred.

Firm Offer

In contract law, refers to an offer that remains valid for a specified period during which it cannot be withdrawn by the offeror.