Fact Pattern 12-1

question 58

Multiple Choice

Fact Pattern 12-1
Lewis, an employee of Silos, Inc., makes a substantial mathematical error in totaling the estimated costs for a project for which AgriCo-op is seeking bids. Consequently, Silos's bid is significantly low.
-Refer to Fact Pattern 12-1. Any contract with AgriCo-op that includes the mistake may be rescinded

• A) if the mistake involves a material fact.
• B) if the mistake involves any fact.
• C) if the mistake is one of value or quality.
• D) under no circumstances.

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Definitions:

Construction Company

A business entity involved in the building of structures, infrastructures, and related activities.

Prior Probability

The probability of an event or outcome before new data is taken into account, used in Bayesian analysis.

Event

A happening or occurrence, often significant in the context it is mentioned.

Posterior Probability

The probability of the parameters of a model or hypothesis being true, given the observed data.