In which type of Contract is there a "lack of meeting of the minds?"   a)  Bilateral   b)  Unilateral   c)  Fraudulent   d)  Oral   2. Generally where a unilateral mistake is made in a Contract, the Contract will still be enforced, except where the non-mistaken party was aware of the mistake.   a) True   b) False     3. A home builder misjudges the cost of the windows to be installed in the house.  This is:   a)  Bilateral mistake leading to rescission.   b)  Unilateral mistake which can be corrected.   c)  A mathematical mistake which is correctable.   d)  An error of judgment, not correctable.

Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
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  1. In which type of Contract is there a "lack of meeting of the minds?"
 

a) 

Bilateral

 

b) 

Unilateral

 

c) 

Fraudulent

 

d) 

Oral

 

2. Generally where a unilateral mistake is made in a Contract, the Contract will still be enforced, except where the non-mistaken party was aware of the mistake.

 

a) True

 

b) False

 

 

3. A home builder misjudges the cost of the windows to be installed in the house.  This is:

 

a) 

Bilateral mistake leading to rescission.

 

b) 

Unilateral mistake which can be corrected.

 

c) 

A mathematical mistake which is correctable.

 

d) 

An error of judgment, not correctable.

 

4. "Sign or I'll kill you" is an example of:

 

a) 

Undue Influence

 

b) 

Misrepresentation

 

c) 

Duress

 

d) 

either a or b

 

5. An attorney who over a period of time convinces an elderly widow to deed her cabin to him as payment for his services, where the value of the cabin far exceeds his normal professional fees, is an example of:

 

a) 

Duress

 

b) 

Undue Influence

 

c) 

Unilateral Mistake

 

d) 

Bilateral Mistake

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