If the Subject Matter of a Contract Turns Out to Be

question 14

True/False

If the subject matter of a contract turns out to be more valuable than one of the parties believed it would be, that party can rescind the contract.

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Definitions:

Consumer Leasing Act

is a federal law in the United States that regulates personal property leases that exceed four months and are used primarily for personal, family, or household purposes, to ensure consumers are informed about the terms and costs.

Balloon Payment

A large final payment on a mortgage that has relatively low fixed payments during the life of the mortgage.

Lease Automobile

A contractual agreement where one party (lessee) pays to use a vehicle owned by another party (lessor) for a predetermined time period.

Product Liability Claim

A legal claim for damages resulting from the use of a defective product that caused injury or damage.