Only a Mistake in Value Will Make a Contract Voidable

question 41

True/False

Only a mistake in value will make a contract voidable.

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Definitions:

Competitive

Relates to a market situation where multiple sellers are trying to appeal to the same customers, often leading to innovation and better prices.

Labor Market

An economic marketplace that matches potential employers with employees based on their skills, job requirements, and wage expectations.

Wage

The amount of money that is paid to an employee by an employer, typically in exchange for the employee's labor, calculated on an hourly, daily, or piecework basis.

Value of Marginal Product

The additional revenue generated by employing one more unit of a factor of production, holding all other factors constant.