Where Parties to a Contract Are Mistaken About the Existence

question 7

Multiple Choice

Where parties to a contract are mistaken about the existence of an essential fact,this type of mistake is classified as:

• A)a mutual mistake.
• B)a unilateral mistake.
• C)a mistake regarding the nature of the contract document.
• D)a common mistake.

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Definitions:

Agent

An individual or entity authorized to act on behalf of another person or entity in legal or business matters.

Defraud

The act of misleading or deceiving someone typically for financial or personal gain.

Scope of Authority

The extent of powers given to an individual or a body, determined by an agreement, law, or rules governing their actions.

Agent

A person or entity authorized to act on behalf of another, often in a business or legal setting, to undertake specific actions or transactions.