Parties May Cancel a Contract Due to a _____Mistake

question 127

Multiple Choice

Parties may cancel a contract due to a _____mistake.

• A) mutual
• B) single
• C) factual
• D) material

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Definitions:

Private Good

An economic product or service that is consumed by an individual or a specific group, characterized by its exclusivity and rivalry in consumption.

Utility Function

A mathematical representation that assigns a value to every possible choice to represent the level of satisfaction or happiness it provides the consumer.

Private Consumptions

The total amount of goods and services consumed by households in an economy.

Total Amount

The complete sum or quantity of something, often referring to the total money involved in a transaction.