Examlex
The number of managers and levels in the organizational hierarchy is referred to as:
Market Price
The current value or cost of a good or service as determined by supply and demand in the open market.
Bilateral Mistake
In contract law, a mistake made by both parties to a contract. Bilateral mistake allows rescission by either party. Also called mutual mistake.
Appraised Value
The estimated monetary value of a property or asset, determined by a professional appraiser based on its characteristics and market conditions.
Rescission
A remedy in contract law that returns both parties to a contract back to their original positions before the contract was entered into.
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