Which of the Following Is True Regarding Parties Who Make

question 15

Multiple Choice

Which of the following is true regarding parties who make mutual mistakes of law?

• A) The contract becomes null and nonbinding on the parties.
• B) One of the parties can annul the contract stating that it is a mistake of law.
• C) The parties are expected to have knowledge of the law when making the contract.
• D) Both parties can claim relief and compensation through a court of law.

---

Definitions:

Profits

The financial gain obtained when the revenues generated from business activities exceed the expenses, costs, and taxes needed to sustain those activities.

Edited and Typeset

The processes of revising and arranging text for publication, including correcting grammar, formatting, and styling the layout.

Marginal Cost

The price required to create one more unit of a particular good or service.

Profits

The excess of revenues over costs and expenses in a business or economic transaction.