When a Party to a Contract Makes a Unilateral Mistake,the

question 44

Multiple Choice

When a party to a contract makes a unilateral mistake,the contract:

• A) generally can be rescinded by the mistaken party.
• B) is void.
• C) can be rescinded by either party.
• D) generally cannot be rescinded by the mistaken party unless the contract is unconscionable or it is proven that the nonmistaken party knew of the error.

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Definitions:

Cash Provided

The funds generated by a company, including revenues from its operations and any additional cash received.

Noncash Balance Sheet

A statement reflecting the financial position of an organization without considering cash transactions or holdings.

Changes in Cash

The increase or decrease in a company's cash level within a specific period, reflecting its cash inflow and outflow.

Liabilities

Creditor claims against total assets.