A Unilateral Mistake Occurs If Both Parties Know the Object

question 46

True/False

A unilateral mistake occurs if both parties know the object of the contract but are mistaken as to its value.

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Definitions:

Playfulness

An attitude or approach characterized by fun, lightheartedness, and a willingness to engage in playful activities.

Reasonable Person Standard

A legal standard used to determine whether an individual's actions were reasonable under particular circumstances, often used in negligence cases.

Mental Deficiency

A term historically used to describe a range of intellectual disabilities or cognitive impairments.

Physical Disability

Physical Disability is a condition that significantly impairs an individual's ability to perform daily tasks or movements due to physical limitations.