Which of the Following Contracts May Be Set Aside for Mistake

question 19

Multiple Choice

Which of the following contracts may be set aside for mistake or frustration?

• A) Pam sold a computer for cash to a person she mistakenly thought she had known in high school.
• B) Pam enters into a contract to sell a colt to Dave, but neither party realizes that Pam has already sold the same colt to Donna.
• C) Pam rented a cottage to Dave for a summer for $5000, and Pam later learns that because of winter storms, it will unexpectedly cost her $30 000 to repair the cottage so that it meets the needs of the rental contract.
• D) Pam said nothing about the quality and history of a painting that she sold to Dave, despite knowing that he incorrectly believed the painting was worth more than its purchase price.
• E) none of the above

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Definitions:

Quantity Supplied

The quantity supplied refers to the amount of a good or service that producers are willing and able to sell at a given price over a specific time period.

Supply

The entirety of goods or services accessible for buying at a certain price level.

Shift of Supply

A change in the quantity of a good that suppliers are willing and able to sell in the market at any given price, often due to changes in production costs or technology.

Heating Oil

A low viscosity, liquid petroleum product used as a fuel oil for furnaces or boilers in buildings. It is a major component in home heating solutions in colder regions.