Unilateral Contract/LLC Partnership
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1. When there is a unilateral mistake, in what three types of situations may a contract not be enforced? Explain your answer.
2. Discuss which entity has less potential liability and greater tax advantages, a partnership or an LLC? Discuss in detail.
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This solution discusses a unilateral contract and LLC partnership.
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1. A unilateral mistake happens when on party is mistaken about a material fact. A contract, however, cannot be enforced if any of the following are true:
a) One party makes a unilateral mistake of fact and the other party knew or should have known that a mistake was made.
Enforcing this kind of a contract would be grossly unfair to the party that did not know of the mistake since the other party could have alerted him but didn't, so he would be getting an unfair advantage.
b) A unilateral ...
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