Lewis,an Employee of Silos,Inc

question 52

Multiple Choice

Lewis,an employee of Silos,Inc.,makes a substantial mathematical error in totaling the estimated costs for a project for which AgriCo-op is seeking bids. Consequently,Silos's bid is significantly low.
-Refer to Fact Pattern 14-2. Any contract with AgriCo-op that includes the mistake may be rescinded

• A)if the mistake involves a material fact.
• B)if the mistake involves any fact.
• C)if the mistake is one of value or quality.
• D)under no circumstances.

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Definitions:

Pencils

Writing instruments consisting of a narrow, solid pigment core inside a protective casing that prevents the core from breaking or leaving marks on the user's hand.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choosing one option over another.

Self-Employed Lawyer

A legal professional who operates their own legal practice rather than working as an employee for a law firm or corporation.

Varies

Describes how something changes or differs across different situations, locations, or points in time.