Mutual mistake involving a basic assumption

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Reference no: EM131182622

1. In Japan a promise to give property to one party gratuitously cannot be cancelled, regardless of whether or not it is in writing.

True

False

2. 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 regard to the contract.

D. That the mistake involved the identity of parties to the contract or whether a party misunderstood the time constraints involved in regard to the contract.

E. That the mistake involved a misunderstanding of law as to whether or not the UCC applied.

Reference no: EM131182622

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