A Unilateral Mistake Occurs If Both Parties Know the Object

question 46

True/False

A unilateral mistake occurs if both parties know the object of the contract but are mistaken as to its value.

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Definitions:

Power Distance

A cultural dimension that reflects the extent to which individuals in a society accept that power is distributed unequally.

Adoption Studies

Research methods in behavioral genetics that compare the traits of adopted children to those of their adoptive and biological parents to understand genetic and environmental influences.

Heritability of Traits

The proportion of variation in traits among individuals that can be attributed to genetic factors.

Twin Studies

An approach in psychology and genetics to quantify the relative contributions of heredity and environment to individual variances in traits and disorders by analyzing twins.