Fact Pattern 12-1 (Questions 2-3 Apply)

question 31

Multiple Choice

Fact Pattern 12-1 (Questions 2-3 apply)
Moore Properties, Inc., offers in writing to sell to Lawn Acres Development Corporation a certain half-acre of land for "$112,000." After Lawn Acres signs the offer in acceptance and returns it, Moore discovers that the price should have been stated as "$121,000."
-Refer to Fact Pattern 12-1.Moore's misstatement of the price is

• A) a bilateral mistake.
• B) a fraudulent misrepresentation.
• C) a unilateral mistake.
• D) unconscionable.

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Definitions:

Monopolistically Competitive Industry

An industry characterized by many firms offering products or services that are similar, but not perfect substitutes, leading to competitive yet differentiated marketplaces.

Nonprice Competition

Strategies used by companies to attract customers through style, service, or location rather than through lower prices.

Products

Goods or services offered by businesses to meet consumer needs and wants.

Competitive Firms

Companies that operate in a market where there are many buyers and sellers, such that no single entity can dictate the market price of goods and services.