Asked by Chantal Paine on Jul 15, 2024
Verified
Because value is variable, mistakes of value affect the enforceability of contracts.
Mistakes Of Value
Errors made in transactions based on incorrect assessments of the value of goods, services, or property.
Enforceability
Refers to the ability of a legal agreement to be upheld or enforced in a court of law.
- Recognize the impact of errors in value and quality on the enforceability of contracts.
Verified Answer
RS
Rajinder SinghJul 21, 2024
Final Answer :
False
Explanation :
Mistakes of value typically do not affect the enforceability of contracts because both parties are assumed to bear the risk of their own valuation errors unless there is a misrepresentation or fraud involved.
Learning Objectives
- Recognize the impact of errors in value and quality on the enforceability of contracts.