Which of the Following Is True Regarding the Elements That

question 51

Multiple Choice

Which of the following is true regarding the elements that must be satisfied in order for a mutual mistake to interfere with legal consent?

• A) The required elements are: (1) a basic assumption about the subject matter of the contract, and (2) an admission by one of the parties that a misrepresentation occurred.
• B) The required elements are: (1) a basic assumption about the subject matter of the contract, and (2) a material effect on the agreement.
• C) The required elements are: (1) a basic assumption about the subject matter of the contract, and (2) an adverse effect on a party who did not agree to bear the risk of mistake at the time of the agreement.
• D) The required elements are: (1) a basic assumption about the subject matter of the contract, (2) an adverse effect on a party who did not agree to bear the risk of mistake at the time of the agreement, and (3) a material effect on the agreement.
• E) The required elements are: (1) a basic assumption about the subject matter of the contract, (2) an adverse effect on a party who did not agree to bear the risk of mistake at the time of the agreement, (3) a material effect on the agreement, and (4) fraud.

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Definitions:

Informational

Pertaining to information, often focusing on the dissemination, processing, or use of knowledge.

Decisional

Decisional refers to anything related to the process of making decisions or choices among alternatives.

Open Systems

Transform human and material resource inputs into finished goods and services.

Multiculturalism

A socio-political philosophy or ideology that promotes the inclusion and respect of diverse cultural backgrounds within a society.