The State of Florida enters into a contract with Treasure Salvors governing the salvage of a Spanish galleon that sunk in the 1600s. Under the terms of the contract, the salvagers agree to relinquish 25% of the items recovered to the State of Florida in return for the right to salvage on state lands. At the time the parties enter into the contract, they both believe that the seabed where the ship
lies is state land. Subsequently, the United States Supreme Court holds that the continental shelf on which the ship rests has never been owned by Florida. The salvagers sue to rescind the contract. The contract:
A) cannot be rescinded.
B) should be avoided because the parties made a mutual mistake.
C) should be enforced because, although there is a mutual mistake, it is not material.
D) will be enforceable because the United States government will automatically step into the shoes of the State of Florida.
B
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Answer the following statement true (T) or false (F)
Which of the following statements is true of voidable title?
A. Sellers may obtain voidable title by paying for goods sold on a "cash sale" basis. B. Sellers may obtain voidable title by impersonating another person when acquiring the goods from their rightful owner. C. Sellers may obtain voidable title by paying for the goods with a good check. D. Sellers may obtain voidable title by obtaining the goods without using fraudulent means.
A major advantage of franchising for the franchisor is the:
A. enhancement of competition among the retail outlets. B. absence of state or federal regulations governing this form of business conduct. C. right to share a trade mark with the franchisee that is well known and/or highly advertised. D. ability to gain considerable control over the distribution of its products without owning the retail outlets.
Accounting standards codification TM reorganizes the accounting pronouncements into approximately 90 accounting topics
Indicate whether the statement is true or false