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The Scholar's Diner is located at the edge of a college campus in Ontario.Not surprisingly,most of its customers are college students.And most of those students are law-abiding patrons.There is,however,a substantial number of students who frequently "dine-and-dash." They sneak out the restaurant's back door after they have eaten,but before they have paid for their meals.Lily is one of those students.Which of the following statements is TRUE?
Mistake
An erroneous belief about the facts of a contract at the time the contract is concluded. When a mistake occurs, legal assent is absent.
Material Effect
A significant impact or change on a company's operations, financial condition, or future prospects.
Unilateral Mistake
A situation in a contract where one party is mistaken about a critical fact of the agreement, which could potentially lead to the contract being voidable by the mistaken party.
Bilateral
Involving two parties, sides, or aspects, often referring to agreements or relationships between two entities.
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