Which of the Following Will Have the Likely Consequence of the Court's

question 49

Multiple Choice

Which of the following will have the likely consequence of the court's finding the contract void on the grounds of mistake?

• A) Annette bought a suit thinking she would be invited back for a second interview. She wasn't and now wants to return the suit on the basis of mistake.
• B) Ms. Hunt bought some property erroneously thinking that the province was planning to put a highway nearby, even though the seller had never made any such suggestion. She wants out of the contract.
• C) The parties signed a document that stated the consideration as "$1100" instead of the $900 that the buyer and seller had contracted for, but the buyer cannot prove the terms of the original contract.
• D) Mr. Armstrong accepted the offer by Sidhu, who was selling a "computer program," but learned that they had different understanding of what program was meant. The court cannot say that one interpretation is better than the other.
• E) Mary contracted to buy "the Acura car" from a collector of cars. He was selling his 2011 model but she thought she was buying the 2012 model. The court, looking at all the evidence, found that his interpretation was the more reasonable.

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Definitions:

Payoff Table

A tabular representation of the outcomes or payoffs associated with each possible action and state of nature, used in decision-making processes.

Prior Probabilities

The probabilities of different outcomes or hypotheses as assessed before taking into account new evidence or data.

Likelihood Probabilities

The probability of observing the given data under different parameter values of a statistical model, often used in the context of estimating those parameters.

Expected Payoff

The predicted value of an investment or decision under uncertainty, calculated as the sum of all possible outcomes weighed by their probabilities.