If one party thinks he is selling a property that is located at 1230 main street and the other party thinks he’s buying the property at 1230 main street, but the contract says the property is located at 123 main street, which of the following can be said about the agreement?
1. it is a bilateral mistake or a mutual mistake.
2. all of these responses are correct.
3. it is an example of an accord and satisfaction.
4. the owner of 1230 main street is responsible for purchasing the property at 123 main street and then making it available for sale to the buyer.

You are the owner of a local honda dealership. unlike other dealerships in the area, you take pride in your “no haggle” sales policy. last year, your dealership earned record profits of $1.5 million. however, according to the local chamber of commerce, your earnings were 10 percent less than either of your competitors. in your market, the price elasticity of demand for midsized honda automobiles is 4.5. in each of the last five years, your dealership has sold more midsized automobiles than any other honda dealership in the nation. this entitled your dealership to an additional 30 percent off the manufacturer’s suggested retail price (msrp) in each year. taking this into account, your marginal cost of a midsized automobile is $11,000. what price should you charge for a midsized automobile if you expect to maintain your record sales?