BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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fraudulent misttakes
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mutual mistakes
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unilateral mistakes
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none of these
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Detailed explanation-1: -If any unilateral mistake is induced by fraud or misrepresentation, then the contract is voidable for that party who has done the mistake in the contract.
Detailed explanation-2: -Unilateral mistake (where one party is mistaken and the other knows or ought to have known of the mistake). If the mistake relates to the fundamental nature of the offer the contract can be voided.
Detailed explanation-3: -Unilateral Mistake of Law If only one party is mistaken, the mistake is a “unilateral mistake” of law. One may rescind for a unilateral mistake of law only if the other party knows of, but does not correct, and takes advantage of or unfairly obtain the benefit of the rescinding party’s mistake of law.
Detailed explanation-4: -22. Contract caused by mistake of one party as to matter of fact.-A contract is not voidable merely because it was caused by one of the parties to it being under a mistake as to a matter of fact.
Detailed explanation-5: -Unilateral mistakes of law generally have no effect on the rights of the parties under the resultant contract.