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:

Conceptual Phase

The early stage in the lifecycle of a project where ideas are formulated, key objectives are set, and feasibility is evaluated.

Design Phase

A stage in a project where the plans, blueprints, or prototypes are developed before production or construction begins.

Revisit Decisions

The process of reviewing and potentially altering decisions in light of new information or changing circumstances.

Significance Events

Major milestones or critical occurrences that have a substantial impact on the progress or direction of a project.