Which of the following is not a required element to avoid a contract due to mutual mistake?
A)The mistake relates to a basic assumption on which the contract was made.
B)The mistake has a material effect on the agreed-upon exchange.
C)The mistake was not readily apparent to either party at the time of contract.
D)The party adversely affected by the mistake does not bear the risk of the mistake.

Question

Quizplus · Accepted Answer

When both parties are mistaken the resulting contract can be avoided if the three following elements are present: (1)the mistake relates to a basic assumption on which the contract was made, (2)the mistake has a material effect on the agreed-upon exchange,and (3)the party adversely affected by the mistake does not bear the risk of the mistake.

Which of the Following Is Not a Required Element to Avoid