Generally, a Unilateral Mistake Does Not Give the Mistaken Party

question 61

True/False

Generally, a unilateral mistake does not give the mistaken party any right to relief from the contract.

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Definitions:

Secured Transaction

A secured transaction involves a security interest in personal property, which serves as collateral for repayment of a debt or performance of an obligation.

Personal Property

Items of property that are not attached to real estate, such as vehicles, furniture, and electronics.

Debt

An amount of money borrowed by one party from another, typically with the condition that it is to be repaid with interest.

Security Agreement

A legal document that provides a lender a security interest in a specified asset or property that serves as collateral for a loan.