When Both Parties to an Agreement Are Mistaken as to a Material

question 155

Multiple Choice

When both parties to an agreement are mistaken as to a material fact, the contract:

• A) is enforced because the mistake is mutual
• B) may be voidable
• C) is enforced because a mistake does not provide a basis for relief
• D) requires amendment by the court
• E) none of the other choices

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Definitions:

Unconditioned Response

An Unconditioned Response is an automatic, reflexive reaction to an unconditioned stimulus that occurs without prior learning or conditioning.

Product Line Extension

Involves adding new products to an existing product line to attract more customers or to capitalize on established reputations.

Corporate Repositioning

The strategic process of altering a company’s brand or image in the minds of consumers to achieve a defined business objective.

Family Branding

A marketing strategy where a group of related products is marketed under a single brand name.