Stewart Entered into a Contract with Will to Have Will

question 69

Multiple Choice

Stewart entered into a contract with Will to have Will build a 10-unit apartment complex on Elm Street in Randolph County.Unknown to both parties, this land had recently been rezoned and only single-unit dwellings can be constructed.

• A)This is a mistake in law, which is treated no differently than a mistake in facts.
• B)Since everyone should know the law, Stewart is liable to Will for any losses he may incur.
• C)Stewart is obligated to buy land elsewhere and have the complex constructed on property zoned for apartments.
• D)Will is liable to Stewart since Will is a contractor.

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Definitions:

Repurchased

Items or securities bought back by the seller or issuer from the buyer.

Assessed Values

Assessed values are the valuation of property, usually by a public tax assessor, for the purpose of determining property taxes.

Mill Rate

The amount of tax payable per dollar of the assessed value of a property.

Current Assessment

An evaluation or estimation of the present status, value, or condition of something.