Which of the Following Statements Pertaining to Mistakes Is True

question 28

Multiple Choice

Which of the following statements pertaining to mistakes is true?

• A) If one party has made a mistake about the subject matter, a contract is voidable.
• B) A person who has made the mistake of not reading a written document would still get relief.
• C) Relief will be afforded to one whose mistake is caused by negligence, and if the person would suffer reasonable hardship if the mistake were not corrected.
• D) If the dealer has to bear the risk of mistake, the contract is valid.
• E) A mistake is unilateral if it has a material effect on the agreed-to exchange.

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Definitions:

Journal Entries

Recorded transactions in the accounting records of a business that demonstrate the financial activities and their impacts.

Postage

The cost associated with sending letters and parcels through the postal system, typically paid by purchasing stamps or printed labels.

Entertainment

Activities or performances designed for the enjoyment, amusement, or relaxation of an audience, such as movies, music, or sports.

Petty Cash Fund

A small pool of funds held for the purpose of settling small, miscellaneous bills immediately.