What is the difference between an unilateral mistake and a mutual mistake? Under what circumstances will a court refuse to rescind a contract based on the defense of a "mistake"?
A unilateral mistake occurs when only one party enters a contract under a mistaken assumption; a mutual mistake, on the other hand, occurs when both parties contract based on the same factual error. However, the defense of mistake is not a cure-all for all bad deals. Courts will not rescind contracts based on the following:
A prediction error: a contract based on a prediction that proved wrong, cannot be rescinded.
A mistaken value: not knowing the value of an item is not enough to take back a deal.
Conscious uncertainty: no rescission is permitted where one of the parties knows he is taking on a risk; that is, he realizes there is uncertainty about the quality of the thing being exchanged.
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What will be an ideal response?
Your older brother turned 35 today, and he is planning to save $7,000 per year for retirement, with the first deposit to be made one year from today. He will invest in a mutual fund that's expected to provide a return of 7.5% per year. He plans to retire 30 years from today, when he turns 65, and he expects to live for 25 years after retirement, to age 90. Under these assumptions, how much can he spend each year after he retires? His first withdrawal will be made at the end of his first retirement year.
A. $58,601 B. $61,686 C. $64,932 D. $68,179 E. $71,588
In which level of inclusiveness does the leader take an active and respectful interest in people from diverse backgrounds?
a. Minimization of Differences b. Moderate Acceptance c. Proactive Inclusiveness d. Superior Acceptance
The most likely time to pursue a harvest strategy is in a situation of
A. decline. B. mergers and acquisitions. C. strong competitive advantage. D. high growth.