If a party to an existing contract discovers they had made an incorrect statement during the contract negotiations, then they should
A) inform the other party of the true situation as soon as possible.
B) call their lawyer before they are sued for negligent misrepresentation.
C) declare the contract voidable at the option of the other party.
D) rescind the contract immediately.
E) offer to make allowances for any misunderstandings.

Question

Quizplus · Accepted Answer

The party should inform the other party of the true situation as soon as possible to maintain transparency and honesty in the contractual relationship. This can help prevent any misunderstandings or legal disputes down the line.

If a Party to an Existing Contract Discovers They Had