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-Refer to the above graph to answer this question.What is true about the possible surpluses and shortages in this market if the price is $1,000 above equilibrium?
Mistake Of Fact
A legal defense in which an individual argues that a misunderstanding of fact rather than law led to the action that constituted an alleged offense.
Bilateral Mistake
A legal term referring to a misunderstanding where both parties to a contract have incorrect beliefs about an essential fact of the agreement.
Unilateral Mistake
Mistake as to a material fact on the part of only one party to a contract. In this situation, the contract is normally enforceable against the mistaken party, with some exceptions.
Rescission
A remedy in which the contract is canceled and the parties are returned to the positions they occupied before the contract was made.
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