Which of the following is necessary in order to establish that a mutual mistake involving a basic assumption about the subject matter of a contract was made?
A)That the mistake involved the existence,quality,or quantity of the items to be exchanged.
B)That the mistake involved whether a party could profit from the contract.
C)That the mistake involved whether a party could profit from the contract or whether a party misunderstood the time constraints involved in the contract.
D)That the mistake involved the identity of parties to the contract or whether a party misunderstood the time constraints involved in the contract.
E)That the mistake involved a misunderstanding regarding the applicability of the Uniform Commercial Code to the contract.

Question

Quizplus · Accepted Answer

For a mutual mistake to interfere with legal consent,it must involve a basic assumption about the subject matter of the contract.To rise to the level of a basic assumption,the mistake would need to be about the existence,quality,or quantity of the items to be exchanged.

Which of the Following Is Necessary in Order to Establish