A Contract for a Sale of Land from Bayside Properties

question 41

Multiple Choice

A contract for a sale of land from Bayside Properties, Inc., to City Development Corporation contains an erroneous legal description. The most appropriate remedy for these parties is

• A) ​a quasi contract.
• B) ​reformation.
• C) ​rescission.
• D) ​specific performance.

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Definitions:

Machinery And Equipment

Fixed assets used in the operation of a business to produce goods and services, typically having a useful life longer than one year.

Long-Lived Assets

Physical assets, such as property, plant, and equipment, expected to provide economic benefits to a company for more than one fiscal year.

Land Improvements

Enhancements made to a parcel of land to increase its value, such as landscaping, fencing, and adding utilities.

Long-Lived Assets

Assets that provide economic benefits to a company for a period longer than one year, including property, plant, and equipment.