When Both Parties Misunderstand the Same Set of Facts Relating

question 62

Multiple Choice

When both parties misunderstand the same set of facts relating to a basic assumption on which a contract is made,it is termed:

• A) rescissionary mistake.
• B) unilateral mistake.
• C) mistake of law.
• D) mutual mistake.

Comprehend Maslow’s hierarchy of needs and its application to motivation.

Recognize the principles of job enrichment, job enlargement, and job rotation.

Understand motivational theories including expectancy theory, equity theory, and their application in organizational settings.

Understand the calculation and interpretation of net present value for new projects.

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Definitions:

Direct Materials Purchase Budget

A financial plan that estimates the raw materials to be purchased to meet production needs and inventory policy requirements.

Ending Inventories

The value or quantity of goods available for sale or use at the end of an accounting period.

Accounts Payable

Liabilities representing amounts owed to creditors for goods and services the company has received but not yet paid for.

Raw Materials Purchases

is the total cost of raw materials bought for production during a given period.