The Equitable Remedy of Rectification Is Granted by the Courts

question 153

Multiple Choice

The equitable remedy of rectification is granted by the courts in which of the following situations?

• A)The seller made a fraudulent misrepresentation that induced the buyer to buy.
• B)The parties to a contract disagree as to the meaning of a term in their contract.
• C)The seller of goods has made an innocent misrepresentation that persuaded the buyer to buy.
• D)A person buys something that he later learns he already owned.
• E)Because of a mistake,a written document does not include a corrected term to which the parties had orally agreed.

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Definitions:

Inflation Rate

The progression speed at which the cost of general goods and services increases, diminishing buying power over time.

Consumer Price Index

A metric tracking the average evolution over time in the expenditure of urban consumers on a designated selection of consumer goods and services.

Base Year

A specific year against which economic variables are measured and compared in indices or other economic calculations.

Price Index

A measure that examines the weighted average of prices of a basket of consumer goods and services, changing over time to reflect the cost of living.