Dixon Agrees to Sell to Elmore, for $1,500, a Remote

question 1

Multiple Choice

Dixon agrees to sell to Elmore, for $1,500, a remote parcel of land. They believe the land to be worthless, but beneath it is shale rock containing oil. A court would

• A)not rescind the contract.
• B)rescind the contract on the basis of fraud.
• C)rescind the contract on the basis of mistake.
• D)rescind the contract on the basis of undue influence.

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Definitions:

TV Technology

The set of technical aspects that make up the systems and devices for the transmission and reception of television signals, including both hardware and software innovations.

Crude Oil

An unprocessed, naturally found blend of hydrocarbon deposits and various organic substances, known as petroleum.

Gasoline Production

The process of refining crude oil into gasoline, a key fuel for transportation.

Quantity Supplied

The full amount of a certain product or service that vendors are ready and able to transact at a chosen price during a particular period.