In the Area of Mistake, Distinguishing Between Unilateral and Mutual

question 14

Multiple Choice

In the area of mistake, distinguishing between unilateral and mutual mistakes is important because the classification bears on which contracts ______________.

• A) Are void.
• B) Are voidable.
• C) Lack consideration.
• D) Lack legality.
• E) None of these because mutual mistakes are not recognized in the area of contracts.

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Definitions:

Business Property

Assets and property owned by a business used in the operation and function of the business, including real estate, equipment, and intellectual property.

Casualty

A sudden, unexpected, or unusual event that causes damage or loss, often used in reference to natural disasters for tax deduction purposes.

Self-Employment Tax

This is a charge including Social Security and Medicare dues, principally aimed at those working independently.

Form 1040

Form 1040 is the U.S. federal income tax form used by individuals to file their annual income tax returns with the Internal Revenue Service (IRS).