Albert Found a Stone in His Yard and Took It

question 59

Multiple Choice

Albert found a stone in his yard and took it to Bob, a jeweler, for evaluation. Bob wasn't sure as to the nature of the stone, but told Albert he thought it was a topaz. Bob then offered to buy the stone for $25 and Albert agreed. Later Albert found out the stone was an uncut diamond worth about $700. The sales contract:

• A) is a valid contract that should be enforced by the law, because neither party knew the exact nature of the stone at the time of the sale.
• B) can be voided based upon fraud in the execution.
• C) can be voided based upon fraudulent misrepresentation.
• D) can be voided based upon mistake as to the identity of the subject matter.

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Definitions:

Right Tail

The portion of a distribution to the right of a specified value, often related to the significance level in hypothesis testing.

Observed Frequencies

The actual number of occurrences or instances recorded in each category or interval of a study.

Expected Frequencies

The anticipated count of occurrences in each category of a variable, calculated under a specific hypothesis in a chi-square test.

Shape

Describes the geometric or visual characteristics of an object or distribution, such as symmetry, skewness, or roundness.