Contract 10 Mistakes

Question 1

Consequence of mistakes

What kind of mistakes will be qualified to bring about such consequence?

Answer 1

mistake makes a contract void
the mistake must be to prevent the formation in the first place

or it makes what has been agreed between the parties fundamentally different from what was intended

Question 2

Define Common mistake

Answer 2

common mistake occurs when the parties are in agreement but both have made he same mistake. Typically this will be about the existence of the subject matter.

Question 3

Define Mutual mistake

Answer 3

Where parties are mistaken for different things: they are at cross purposes.

a successful bid for a vintage that bears the same name with an inferior wine. The vendors thought the cheaper version was sold whilst the bidder thought he secured the expensive one with a high bid. a reasonable person will not be able to make out what was actually being sold.

Question 4

Define Unilateral mistake

Answer 4

A unilateral mistake occurs where one party is mistaken as to the terms of the contract and the other party is aware of the mistake, or should be aware of it. Typical example would be an error in price.

Question 5

Define mistake as to identity

Answer 5

one party believes they are contracting with a person that the other party pretending to be. this depends if the innocent party would have contracted irrespective of the identity of the other party. if so they can only rely on misrepresentation for remedy and the contract is only voidable.