WEEK8: Public Policy; Statute of Frauds; Mistake

Question 1

Public Policy

Answer 1

Although the process of *contract *formation may be *untainted, a contract my still be *unenforceable because the contract itself either violates or runs directly contrary to some public policy.

Question 2

Statute of Frauds

Answer 2

The statute of frauds consists of provisions requiring *certain *types of *contracts to be in *writing to be legally effective. (Classes of contracts: land, one year)

Question 3

Mistake

Answer 3

The *erroneous *belief of *one or *both parties must relate to a fact in existence at the time the contractract is executed or.. the belief that is found to be in error may not be in substance, a prediction as to a fututre occurence or non-occurence.
Recission is indicated when the mistaken belief relates to the basic assumption of the parties upon which the contract is made, and which *materially affects the agreed performances of the parties.