If Edmund and Kaylin Have a Writing Mistakenly Showing a Sale

question 6

Multiple Choice

If Edmund and Kaylin have a writing mistakenly showing a sale and purchase of goods for $10,000 when the price should have been $1,000,a court will most likely

• A)enforce the agreement,relying on oral testimony to determine the correct price.
• B)only enforce the agreement as written.
• C)not hear the case unless both parties are merchants.
• D)not enforce the agreement since the writing did not reflect a meeting of the minds of the parties.

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Definitions:

Repossessed Vehicle

A vehicle taken back by a lender or seller from the buyer due to failure to make agreed payments.

Deficiency

The difference between the amount owed on a loan and the proceeds from the sale of the asset securing the loan, if the sale amount does not cover the loan balance.

Breach Of The Peace

An act that disturbs public tranquility or order.

Repossession

The process by which a creditor takes back property from the borrower due to failure to meet the repayment terms of the loan.