Business Law Exam 2 2024/questions With Correct Detailed And Verified Answers/a+ Grade

Adjudged insane at time of contract {Ans: Contract is void}Mutual mistake of value {Ans: mistake when both parties know the object of the contract but are mistaken as to its value contract remains enforced ID of subject was correct}Discharge by nonperformance {Ans: material breach - first breach anticipatory repudiation - future performance - present breach}Restitution {Ans: returning of goods or property received from the other party to rescind a contract if the actual goods or property is not available, a cash equivalent must be made}Collateral contracts {Ans: occurs where one parson agrees to answer for the debts of duties of another person}Equitable remedies {Ans: available if there has been a breach of contract that cannot be adequately compensated by a legal remedy they are also available to prevent unjust enrichment}