Contract Law Basics: Mistakes in Law vs. Fact

<p>Everyone knows the law as a presumption</p> Signup and view all the answers

<p>If the mistake pertains to a misunderstanding of law</p> Signup and view all the answers

<p>The contract can be declared void</p> Signup and view all the answers

<p>Forcefully signing a document under threat</p> Signup and view all the answers

<p>Contracts about goods that no longer exist.</p> Signup and view all the answers

<p>The subject matter must be specific.</p> Signup and view all the answers

<p>It can void the contract if proven false</p> Signup and view all the answers

<p>Can be counted individually.</p> Signup and view all the answers

<p>The contract becomes void.</p> Signup and view all the answers

<p>Defining the good with its unique identifiers.</p> Signup and view all the answers

<p>No party can claim damages or benefits from it.</p> Signup and view all the answers

<p>The contract is void and unenforceable.</p> Signup and view all the answers

<p>Monetary damages are deemed inadequate.</p> Signup and view all the answers

<p>Common or shared mistake</p> Signup and view all the answers

<p>An ignorance of the legal ramifications of a contract</p> Signup and view all the answers

<p>It may prevent the parties from forming a valid contract.</p> Signup and view all the answers

<p>One party is unaware of a contract's crucial terms.</p> Signup and view all the answers

<p>They are aware of and understand existing laws.</p> Signup and view all the answers

<p>It cannot relate to matters of legality.</p> Signup and view all the answers

<p>Presumptive mistake</p> Signup and view all the answers

<p>Common or shared mistakes</p> Signup and view all the answers

<p>Vitiating factors remove consensus, meaning the parties' minds have not genuinely met, potentially rendering the contract invalid.</p> Signup and view all the answers

<p>A mistake of fact involves an erroneous belief about a factual circumstance, while a mistake of law pertains to misunderstanding legal principles or obligations.</p> Signup and view all the answers

<p>Misrepresentation occurs when one party provides false information that induces the other party to enter the contract, potentially making it voidable.</p> Signup and view all the answers

<p>Undue influence occurs when one party exerts excessive pressure on another to enter into a contract, invalidating the agreement due to lack of free consent.</p> Signup and view all the answers

<p>Duress involves coercion or threats that compel a party to act against their will, potentially nullifying the contract.</p> Signup and view all the answers

<p>Misrepresentation can lead to a contract being voidable if the misled party can prove that they relied on false statements in making their decision.</p> Signup and view all the answers

<p>A common mistake involves both parties misunderstanding a fundamental fact, while a unilateral mistake occurs when only one party holds an incorrect belief about the contract.</p> Signup and view all the answers

<p>A party must demonstrate that the other party had a position of power or trust, then used that to manipulate or coerce their decision-making.</p> Signup and view all the answers

<p>It refers to the agreement or meeting of the minds between the parties involved in a contract.</p> Signup and view all the answers

<p>A vitiating factor can render a contract void by showing that there was no genuine agreement between the parties.</p> Signup and view all the answers

<p>A mistake of fact pertains to an incorrect understanding of a material fact, while a mistake of law involves misunderstanding the legal implications or obligations, which typically does not provide grounds for relief in court.</p> Signup and view all the answers

<p>A mistake of fact can make a contract voidable, which means one party can choose to affirm or rescind the contract.</p> Signup and view all the answers

<p>A mutual mistake occurs when both parties to a contract are under the same erroneous belief about a fundamental aspect of the agreement, which can affect the enforcement of the contract.</p> Signup and view all the answers

<p>The presumption means that ignorance of the law is generally not accepted as a valid excuse for a mistake, which can disadvantage a party making a claim based on a mistake of law.</p> Signup and view all the answers

<p>Misrepresentation occurs when one party provides false information that induces the other party to enter into a contract.</p> Signup and view all the answers

<p>An example of a common mistake would be both parties thinking they are contracting for a rare painting, only to discover it was destroyed before the contract was formed.</p> Signup and view all the answers

<p>Undue influence can invalidate a contract if one party exerts excessive pressure on another, compromising their free will.</p> Signup and view all the answers

<p>A unilateral mistake occurs when only one party is mistaken about a fundamental aspect of the contract, while the other party is aware of the true situation.</p> Signup and view all the answers

<p>Duress involves threats or coercion which can invalidate a contract, as it prevents a party from freely consenting.</p> Signup and view all the answers

<p>The three types of legally operative mistakes are common or shared mistake, mutual mistake, and unilateral mistake.</p> Signup and view all the answers

<p>It must be demonstrated that one party had a dominant position and used that position to improperly influence the other party.</p> Signup and view all the answers

<p>Removing consensus means that a mistake undermines the agreement between parties, leading to a lack of a true meeting of the minds necessary for a valid contract.</p> Signup and view all the answers

<p>A contract can remain valid if the mistake does not pertain to a fundamental aspect of the agreement.</p> Signup and view all the answers

<p>A common mistake can render a contract voidable as it indicates that both parties were operating under a fundamental misunderstanding of the agreement.</p> Signup and view all the answers