A ______________ Exists If Both Parties Know the Object of the Contract

question 3

Multiple Choice

A ______________ exists if both parties know the object of the contract but are mistaken as to its value.

• A)Unilateral mistake.
• B)Unilateral mistake of value.
• C)Mutual mistake of a material fact.
• D)Mutual mistake of a value.
• E)Mutual mistake of identity.

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Definitions:

Bailor

An individual who temporarily transfers possession but not ownership of a property or good to another, known as the bailee.

Bailee

A person or entity who is given temporary possession but not ownership of a property or goods under a bailment agreement.

Deteriorate

To become worse or diminish in quality, value, or strength.

Public Property

Assets owned by governmental entities that are meant for public use and benefit, such as parks, roads, and public buildings.