Nora enters into a contract with Oceanic Transport,Inc.,to insure and ship a painting from Paris to New York City for a certain price. But Oceanic makes a mistake in adding the costs,which results in a contract price that is $1,000 less than the true cost. Most likely,a court would

Question

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A court would likely allow the parties to rescind the contract due to the mistake, as it was a mutual mistake regarding a material fact (the cost), which affects the agreement's fairness.

Nora Enters into a Contract with Oceanic Transport,Inc