A Contract for a Sale of Land from Bayside Properties

question 41

Multiple Choice

A contract for a sale of land from Bayside Properties, Inc., to City Development Corporation contains an erroneous legal description. The most appropriate remedy for these parties is

• A) ​a quasi contract.
• B) ​reformation.
• C) ​rescission.
• D) ​specific performance.

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Definitions:

Opportunity Costs

The potential benefits lost when one alternative is chosen over another.

Bad Decisions

Choices or judgments that result in adverse outcomes or fail to meet the intended objectives or goals.

Service Department

A division within a company that provides after-sales services to customers, such as repairs, maintenance, and support.

Cost Allocations

The process of assigning indirect costs to different departments, products, or projects based on relevant allocation bases.