Flora Enters into a Contract with Global Shipping, Ltd

question 20

Multiple Choice

Flora enters into a contract with Global Shipping, Ltd., to insure and ship a painting from France to the United States for a certain price. Global makes a mistake in adding the costs, which results in a contract price that is $1,000 less than the true cost. Most likely, a court would

• A) award allow the parties to rescind the contract.
• B) damages to Flora for the mistake.
• C) award damages to Global for the mistake.
• D) enforce the contract as is.

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Definitions:

New Substitutes

Refers to newly available goods or services that can replace or compete with existing ones, affecting demand and market dynamics.

Narrowly Defined

Described or specified with a high degree of precision and detail, often used to limit the scope or focus of a concept or category.

Available Substitutes

Alternatives to a product or service that are readily accessible to consumers, affecting demand and pricing strategies.

More Elastic

Describes a greater sensitivity of demand or supply to changes in price or other economic factors.