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Contract Reformation vs. Contract Annulment

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Contract Reformation vs. Contract Annulment

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Questions and Answers

What is the purpose of reformation in equity?

To validate a void agreement

To nullify the instrument

To impose new conditions on the instrument

To amend the instrument to reflect the true intention of the parties (correct)

In which of the following types of instruments is reformation not allowed?

Agreements with void stipulations

Wills (correct)

Simple donations inter vivos with conditions

Contracts with unclear intentions

When can the literal meaning of stipulations in a contract control?

When it reflects the true intention of the parties (correct)

Always, as it's a strict legal requirement

When it aligns with common practice

When it leads to unjust results

Under what circumstances can there be reformation of an instrument?

When the instrument is not in conformity with the real intention of the parties Signup and view all the answers

Which class of defective contracts can be attacked directly only, and not collaterally?

Rescissible contracts Signup and view all the answers

What kind of defect do voidable contracts possess?

Vitiation of consent Signup and view all the answers

What is the fundamental distinction between an action for the reformation of an instrument and an action for the annulment of a contract?

The reformation presupposes a valid contract, while the annulment is based on a defective contract Signup and view all the answers

Which type of defective contract is susceptible of convalidation only by prescription, and not by ratification?

Rescissible contracts Signup and view all the answers

On what principle is the remedy of reformation of an instrument based?

Equity Signup and view all the answers

In which class of defective contracts are the defects related to the vitiation of consent or the legal incapacity of one of the contracting parties?

Voidable contracts Signup and view all the answers

Why must the power to reform an instrument be exercised sparingly and with great caution?

To prevent abuse of an extraordinary remedy Signup and view all the answers

How does the reformation of an instrument affect the parol evidence rule?

It eliminates the parol evidence rule Signup and view all the answers