In Which of the Following Instances Would the Court Most

question 153

Multiple Choice

In which of the following instances would the court most likely hold the contract to be void on the basis of a mistake?

• A) Barry and Mary contracted for the sale and purchase of a boat for the price of $1200. When the contract was written up, the price was incorrectly stated as $1700.
• B) Two parties contracted for a shipload of fish, but unknown to both parties, at the time of the contract the ship had sunk and the fish had been lost.
• C) Carson and Leno had a serious misunderstanding about a term in the contract and the court found that the more reasonable interpretation was that of Leno.
• D) Sarah bought three rolls of wallpaper, but found she had made a mistake, since two would have been sufficient.
• E) Although the seller said nothing to the buyer about the characteristics of the answering machine, the buyer bought it, thinking that it would tell him the date and time of the call. Later, he learned that it did not perform this function.

Recognize the importance of objectivity, feedback, and training needs in appraisal systems.

Grasp the concept and significance of appraisal validity and measurement consistency.

Identify techniques for improving employee performance through motivation and ability enhancement.

Understand the purposes and components of an effective performance management system.

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Definitions:

Franchising

A business model that allows individuals to buy and operate a branch of a larger company, using its branding, systems, and support.

Transit Hubs

Centralized areas where different modes of transportation come together, facilitating the transfer of passengers from one mode to another.

Royalty

Payments made to owners of intellectual property, such as patents, copyrights, or trademarks, for the right to use their work.

Direct Investment

An investment involving the acquisition of a controlling interest in a foreign business, typically by purchasing more than 10% of the business's shares.