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Good That Cost One Half Dollar in the U

question 62

Multiple Choice

Good that cost one half dollar in the U.S.cost one euro in Germany,the real exchange rate would be computed as how many German goods per U.S.goods?


Definitions:

Interpretation

The process of explaining, defining, or clarifying the meaning of words, texts, or actions.

Bilateral Mistake

A misunderstanding where both parties involved in a contract have an incorrect belief about a basic assumption on which the contract is based.

Mistake Of Value

An error made by one or both parties at the time of entering into a contract, regarding the value or worth of the subject matter of the contract.

Voidable

Refers to a contract that is valid and enforceable unless challenged and declared void by a party to the contract who is deemed to have been disadvantaged or defrauded.

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