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Semantics Is

question 13

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Semantics is


Definitions:

Mutual Mistake

An error shared by all parties to a contract, possibly making the agreement voidable.

Unilateral Mistake

A situation where only one party to an agreement is mistaken about a basic assumption on which the contract is made.

Equity

The value of ownership interest in property, including shareholders' equity in a corporation, minus liabilities and debts.

Concealment

The active hiding of the truth about a material fact.

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