Contracts 18 Flashcards
1
Q
Mistake as a defense to enforcement of the contract
A
When both parties entering into a contract are mistaken about facts relating to the agreement, the K may be voidable by the adversely affected party if the mistake concerns a basic assumption on which the contract is made, the mistake has a material effect on the agreed-upon exchange, and the party seeking avoidance did not assume the risk of the mistake.
2
Q
Can a mistake regarding the value of the subject matter be remedied?
A
Generally no. If the parties to a contract make assumptions as to the value of the subject matter, mistakes in those assumptions will generally not be remedied, because both parties usually assume the risk that their assumption as to value is wrong
