Which of the Following Will Have the Likely Consequence of the Court

question 38

Multiple Choice

Which of the following will have the likely consequence of the court finding the contract void on the grounds of mistake?

• A) Mr. Ille, although using due care, signed a cheque for $100 in favour of his secretary, who had told him it was a receipt for money received.
• B) Mr. Jones, without reliance on a salesperson, purchased a palm organizer from a store, thinking it ran the regular Windows operating system.
• C) The parties signed a document that stated the consideration as $1,200 instead of the $1,100 that the buyer and seller had contracted for, but the buyer cannot prove the terms of the original contract.
• D) Mr. Twigg carelessly signed a mortgage for $24,000, which he was told was a mortgage for only $14,000. This was assigned to Mr. Jones.
• E) Mr. Ideer bought some property, erroneously thinking that the province was planning to put a highway nearby, even though the seller had never made any such suggestion.

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Definitions:

Restriction Period

A time frame during which certain limitations are applied, often referring to periods where executives or employees cannot sell their company shares.

Stock Options

Financial tools that provide the holder with the option, but not the commitment, to purchase or sell shares at a set price during a defined period.

Short-term Earnings

Profits or income that a company generates over a short period of time, often reported quarterly or annually.

Wall Street

The financial district of New York City, famous for being the headquarters of major brokerages and investment banks.