If the Mistake in the Contract Is Made by Only

question 13

Multiple Choice

If the mistake in the contract is made by only one party, then it amounts to:

• A) mutual mistake.
• B) intentional mistake.
• C) unilateral mistake.
• D) conditional mistake.

---

Definitions:

CVP Income Statement

A managerial accounting financial statement that utilizes cost-volume-profit analysis to show the effects of changes in cost and volume on a company's profits.

Margin of Safety

The difference between actual or expected sales and the sales level necessary to break even; it measures how much sales can fall before a business incurs a loss.

Variable Costs

Charges that are aligned with the scale of production or the extent of activities in an enterprise.

Fixed Costs

Constant expenses that a business incurs regardless of production volume, including leases and insurance, essential for financial planning and analysis.