Jeff was a subcontractor, bidding on a contract for ACE Corp, the general contractor. When adding up the total of materials and labor, Jeff's secretary mistakenly moved the decimal point one place, ending up with a bid of 3500 rather than 35,000. ACE Corp accepted Jeff's bid, mostly because all the other bids were over 30,000. When Jeff learned of the mistake, he tells ACE Corp that he cannot do the job for 3500. If ACE Corp sues to enforce this contract, what is the most likely result?
A)The contract is enforceable, since there was an offer, acceptance, and consideration.
B)This is a bilateral mistake, so the contract can be rescinded by either party.
C)This is a unilateral mistake, so the contract cannot be rescinded by Jeff.
D)This is a unilateral mistake, but one where ACE Corp. knew that a mistake had been made. Jeff should be able to rescind the contract.
Question 2
In a socialist country, the legal system:
A) reflects the private ownership of property.
B) is similar to the English common law system.
C) exhibits no need for commercial law because such disputes are settled politically.
D) none of the above.
Figure 7.1 shows the rapid decline in the trust of Americans in government since the 1960s. This de
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