Under Which of the Following Circumstances Can the Mistaken Party

question 3

Multiple Choice

Under which of the following circumstances can the mistaken party rescind a contract when there is a unilateral mistake?

• A) The mistaken party first held the mistaken belief prior to entering into the contract.
• B) The mistaken belief is one that a reasonable person would have.
• C) The nonmistaken party was aware of the mistaken party's belief.
• D) The mistake has a material effect on the value of the contract.
• E) The mistake did not become known until after the formation of the contract.

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Definitions:

Null Hypothesis

A default hypothesis that there is no significant difference or relationship between specified populations or variables, used in statistical testing.

ANOVA

Stands for Analysis of Variance, a statistical method used to compare means of three or more samples to understand if at least one of the sample means differs significantly from the others.

Mean Square

A statistical measure used in variance analysis, computed by dividing the sum of squares by the degrees of freedom.

Error

The difference between the observed value and the true value of a parameter in data, indicative of the degree of inaccuracy or deviation.