Humber/Ontario Real Estate Course 1 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 1 Exam with our comprehensive quiz. Test your understanding with multiple choice questions and detailed explanations. Build confidence and knowledge for a successful exam experience!

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Buyer Adamson wishes to buy a two-acre lot, but Seller Banks knows it is only one and one-half acres. If the buyer goes through with the purchase, what type of mistake has occurred?

Mutual
Common
Unilateral
Bilateral
Intentional
Fraudulent

The correct answer is: Unilateral

In this scenario, the correct type of mistake that has occurred is a unilateral mistake. This is because only one party, Buyer Adamson, is mistaken about the size of the lot, thinking it is two acres when it is actually only one and one-half acres. It is a unilateral mistake because the mistake is made by one party alone. The other options are: A. Mutual mistake: This occurs when both parties are mistaken about a material fact in the contract. B. Common mistake: This is not a common term in contract law; it is likely a distractor. D. Bilateral mistake: This is when both parties are mistaken about the same material fact in a contract. E. Intentional mistake: Mistakes are generally not intentional, they are made due to misunderstanding or misinformation. F. Fraudulent mistake: Fraud involves intentional deceit, which is not the case in this scenario.