Asked by Angelina Carbonell on Jun 11, 2024
Verified
Which of the following is true regarding the elements that must be satisfied in order for a mutual mistake to interfere with legal consent?
A) The required elements are: (1) a basic assumption about the subject matter of the contract, and (2) an admission by one of the parties that a misrepresentation occurred.
B) The required elements are: (1) a basic assumption about the subject matter of the contract, and (2) a material effect on the agreement.
C) The required elements are: (1) a basic assumption about the subject matter of the contract, and (2) an adverse effect on a party who did not agree to bear the risk of mistake at the time of the agreement.
D) The required elements are: (1) a basic assumption about the subject matter of the contract, (2) a material effect on the agreement, and (3) an adverse effect on a party who did not agree to bear the risk of mistake at the time of the agreement.
E) The required elements are: (1) a basic assumption about the subject matter of the contract, (2) an adverse effect on a party who did not agree to bear the risk of mistake at the time of the agreement, (3) a material effect on the agreement, and (4) fraud.
Legal Consent
Involves the agreement or permission given by a person who is of legal age and has the mental capacity to make an informed decision.
Mutual Mistake
A situation in contract law where all parties involved have a mistaken understanding of one or more material facts relevant to the contract.
Basic Assumption
Refers to a fundamental belief or principle that is accepted as true without proof, often serving as the foundation for further reasoning or behavior.
- Master the fundamental concepts and significance of unilateral and bilateral mistakes in the realm of contract law.
Verified Answer
BO
brianna outramJun 16, 2024
Final Answer :
D
Explanation :
For a mutual mistake to interfere with legal consent, it must involve a basic assumption about the subject matter of the contract, have a material effect on the agreement, and adversely affect a party who did not agree to bear the risk of mistake at the time of the agreement.
Learning Objectives
- Master the fundamental concepts and significance of unilateral and bilateral mistakes in the realm of contract law.