Jeff Was a Subcontractor,bidding on a Contract for ACE Corp

question 23

Multiple Choice

Jeff was a subcontractor,bidding on a contract for ACE Corp. ,the general contractor.When adding up the total of materials and labor,Jeff's secretary mistakenly moved the decimal point one place,ending up with a bid of $3,500 rather than $35,000.ACE Corp.accepted Jeff's bid,mostly because all the other bids were over $30,000.When Jeff learns of the mistake,he tells ACE Corp.that he cannot do the job for $3,500.If ACE Corp.sues to enforce this contract,what is the most likely result?

• A)The contract is enforceable,since there was an offer,acceptance,and consideration.
• B)This is a bilateral mistake,so the contract can be rescinded by either party.
• C)This is a unilateral mistake,so the contract cannot be rescinded by Jeff.
• D)This is a unilateral mistake,but one where ACE Corp.knew that a mistake had been made.Jeff should be able to rescind the contract.

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Definitions:

Chemical Weathering

The breakdown of rocks and minerals through chemical reactions with atmospheric agents such as oxygen, water, and acids, leading to the formation of new minerals and soil.

Physical Weathering

The breakdown of rocks and minerals into smaller pieces by physical forces without chemical alteration.

Soil Formation

The process by which rocks break down and decompose over time to form soil, influenced by factors like climate, organisms, topography, and time.

Stalagmite

A conical, cylindrical, or moundlike cave formation that is developed upward from the floor of a cave and is composed mostly of calcium carbonate.