Which of the Following Is Necessary in Order to Establish

question 64

Multiple Choice

Which of the following is necessary in order to establish that a mutual mistake involving a basic assumption about the subject matter of a contract was made?

• A) That the mistake involved the existence, quality, or quantity of the items to be exchanged.
• B) That the mistake involved whether a party could profit from the contract.
• C) That the mistake involved whether a party could profit from the contract or whether a party misunderstood the time constraints involved in regard to the contract.
• D) That the mistake involved the identity of parties to the contract or whether a party misunderstood the time constraints involved in regard to the contract.
• E) That the mistake involved a misunderstanding of law as to whether or not the UCC applied.

---

Definitions:

Insurance

Insurance is a financial product that provides protection against potential future losses or damages, in exchange for premium payments.

Intracompany Comparison

This involves comparing financial data or performance indicators within the same company over different time periods to assess trends or improvements.

Horizontal Analysis

An analysis method where financial statement items are compared across different periods, to identify trends or significant changes over time.

Securities and Exchange Commission

A U.S. government agency responsible for enforcing the federal securities laws, proposing securities rules, and regulating the securities industry.