Which of the Following Is Necessary in Order to Establish

question 51

Multiple Choice

Which of the following is necessary in order to establish that a mutual mistake involving a basic assumption about the subject matter of a contract was made?

• A)That the mistake involved the existence,quality,or quantity of the items to be exchanged.
• B)That the mistake involved whether a party could profit from the contract.
• C)That the mistake involved whether a party could profit from the contract or whether a party misunderstood the time constraints involved in the contract.
• D)That the mistake involved the identity of parties to the contract or whether a party misunderstood the time constraints involved in the contract.
• E)That the mistake involved a misunderstanding regarding the applicability of the Uniform Commercial Code to the contract.

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Definitions:

Money Circulating

The total volume of money within the economy that is actively used for transactions, trading, and other financial activities.

Rational Behavior

In economics, it refers to making decisions that maximize an individual's benefit while minimizing costs, based on preferences and available information.

Economic Analysis

A methodical strategy for deciding the best way to allocate limited resources, which includes evaluating multiple options to reach a particular goal within established assumptions and limitations.

Marginal Changes

Marginal changes describe small adjustments to a variable's quantity or level, analyzing the effects of these adjustments on an overall system.