Either Party Can Choose to ________ the Contract in Cases

question 44

Multiple Choice

Either party can choose to ________ the contract in cases where both parties to a contract are mistaken about either a current or a past material fact.

• A)Refute
• B)Confirm
• C)Rescind
• D)Disclaim
• E)Uphold

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Definitions:

Price Inelastic

Describes a situation where the demand for a product does not significantly change with a change in its price.

Price Volatile

Referring to how quickly and to what extent the price of a commodity or asset can change within a short period of time.

Elastic

Describes a situation in economics where the demand or supply of a good or service is sensitive to changes in price.

Necessity

An indispensable requirement or need for something; often something that is essential for survival or to carry out a specific task.