Which of the Following Types of Mistakes Is Most Likely

question 4

Multiple Choice

Which of the following types of mistakes is most likely to result in a voidable contract?

• A)A common mistake
• B)A unilateral mistake where the parties met 'face- to- face'.
• C)A mutual mistake where parties did not meet 'face to face'.
• D)A mutual mistake where the parties met face- to- face.

---

Definitions:

Cost Of Goods Available For Sale

The total cost of inventory available to be sold during a given period, including both beginning inventory and purchases made.

Purchase Returns

Goods returned by the buyer to the seller, usually because they are defective or not as per the order placed.

Freight In

A cost associated with transporting goods into a business, often included in the cost of goods sold because it directly relates to the cost of bringing inventory to the business.

Contra Account

An account used in the general ledger to reduce the value of a related account without adjusting the original account directly.