A Contract Based on a Mutual Mistake in Judgment Is

question 20

Multiple Choice

A contract based on a mutual mistake in judgment is:

• A) voidable by the adversely affected party.
• B) not voidable by the adversely affected party.
• C) void ab initio.
• D) none of the above.

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Definitions:

Lowest Quintile

The segment of a population that falls into the bottom 20% based on income or another measurable characteristic.

Income Distribution

The way in which total income is shared among the population or different segments of an economy.

Lorenz Curve

A graphical representation used in economics to show the distribution of income or wealth within a society, illustrating levels of inequality.

Personal Distribution

The distribution of income and wealth among individuals and households in an economy.