Which of the Following Is True Regarding Parties Who Make

question 3

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)It will generally not invalidate a contract.
• D)Both parties can claim relief and compensation through a court of law.

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Definitions:

Financial Information

This encompasses all the data regarding the financial status, performance, and changes in financial position of an entity.

Normal Balance

The side (debit or credit) of an account that is increased. For example, assets increase on the debit side, while liabilities increase on the credit side.

Chronological Order

The arrangement of events, numbers, or actions in the sequence that they occurred or were performed.

Debit Normal

Refers to accounts that are increased with a debit transaction and have a natural debit balance, such as assets, expenses, and losses.