2 55Old 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 bottleplus 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 Bayreplied saying the price is in US currency, not Canadian currency. When a contract does not specify the currency but only contains the $ symbol, the contractMultiple Choicecontains a unilateral mistakecontains a mutual mistake.contains innocent misrepresentationcontains a common mistakecontains negligent misrepresentation

ANSWER : The correct Answer : The contract 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

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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