Old Bay Rum from Guyana enters into a sales contract to sell beer to the Ontarlo Liquor Board. The contract states the rum will be sold for a price of $15 per plus transportation and delivery costs. The Ontario Liquor Board received 50 cases and an invoice for US$10,800. It sends a cheque for Cdn$10,800 and Ol replied saying the price is in US currency, not Canadian currency. When a contract does not specify the currency but only contains the $ symbol, the contract Multiple Choice contains a unilateral mistake contains a mutual mistake
Old Bay Rum from Guyana enters into a sales contract to sell beer to the Ontarlo Liquor Board. The contract states the rum will be sold for a price of $15 per plus transportation and delivery costs. The Ontario Liquor Board received 50 cases and an invoice for US$10,800. It sends a cheque for Cdn$10,800 and Ol replied saying the price is in US currency, not Canadian currency. When a contract does not specify the currency but only contains the $ symbol, the contract Multiple Choice contains a unilateral mistake contains a mutual mistake
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
2
Transcribed Image Text:55
Old Bay Rum from Guyana enters into a sales contract to sell beer to the Ontario Liquor Board. The contract states the rum will be sold for a price of $15 per bottle
plus transportation and delivery costs. The Ontario Liquor Board received 50 cases and an invoice for US$10,800. It sends a cheque for Cdn$10,800 and Old Bay
replied saying the price is in US currency, not Canadian currency. When a contract does not specify the currency but only contains the $ symbol, the contract
Multiple Choice
contains a unilateral mistake
contains a mutual mistake.
contains innocent misrepresentation
contains a common mistake
contains negligent misrepresentation
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education