Question 17 of 25 John and Henry enter into a contract for the purchase of a cargo ship. Unknown to either John or Henry

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Question 17 Of 25 John And Henry Enter Into A Contract For The Purchase Of A Cargo Ship Unknown To Either John Or Henry 1 (17.75 KiB) Viewed 14 times

Question 17 of 25 John and Henry enter into a contract for the purchase of a cargo ship. Unknown to either John or Henry, the ship was caught in a severe storm and sank while they were still negotiating the terms of the contract. At the time they finally agreed to all the terms and signed the contract documents, the ship no longer existed. In these circumstances: the contract may be voided at the option of either party the contract has been terminated as being subject to a condition subsequent as both parties were mistaken as to the existence of the subject matter of the contract, the contract is void ab initio - or "from the beginning" Reset Selection