When the Seller Unknowingly Makes an Erroneous Statement Regarding the Type

question 2

Multiple Choice

When the seller unknowingly makes an erroneous statement regarding the type of processor contained in a computer during negotiations leading to the sale of the computer, the contract

• A) contains a common mistake.
• B) contains a mutual mistake.
• C) contains a unilateral mistake.
• D) contains an innocent misrepresentation.
• E) contains a fraudulent misrepresentation.

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Definitions:

Nash Equilibrium

A concept in game theory where each player's strategy is optimal, given the strategies of other players, resulting in no incentive for any player to unilaterally change their strategy.

Payoff Matrix

A table that shows the potential outcomes or returns (payoffs) from various strategies taken by one or more participants in a game or strategic decision situation.

Extensive Form

A way of representing a game in game theory, showing the sequences of moves and choices available to players, including the outcomes of those choices.

Strategic Game

A scenario in decision-making where the outcome for each participant or player depends on the choices of all involved.