Often,when Both Parties to a Contract Are Mistaken as to the Same

question 1

True/False

Often,when both parties to a contract are mistaken as to the same material fact,either party can rescind the contract.

---

Definitions:

Manufacturing Defects

Flaws in a product resulting from the manufacturing process that make it dangerous or unfit for its intended use.

Arbitration

A process for the settlement of disputes whereby an impartial third party or board hears the dispute, then makes a decision that is binding on the parties. Most commonly used to determine grievances arising out of a collective agreement, or in contract disputes.

Automobiles

Motor vehicles with four wheels designed primarily for passenger transportation on public roads.

Caveat Emptor

Latin: “Let the buyer beware.”