Examlex
The utilitarian case for redistributing income is based on the assumption of:
Mutual Mistake
A legal concept where both parties involved in a contract have a misunderstanding about an essential fact of the agreement, potentially making the contract voidable.
Fair Market Value
The price at which an asset would exchange hands between a willing buyer and seller, each having reasonable knowledge of the relevant facts, and neither being under compulsion to transact.
Breach of Contract
Occurs when one party fails to fulfill their obligations under a contract, allowing the other party to seek legal remedies.
Unilateral Mistake
A situation in contract law where only one party is mistaken about a basic assumption on which a contract is made, which can impact the enforceability of the contract.
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