Asked by Panthira Aungsuworapruek on Jul 27, 2024
Verified
In which of the following cases can the remedy of rescission be invoked by the affected party?
A) Mistake of tort
B) Mistake of contract
C) Mistake of law
D) Mistake of fact
Mistake of Fact
A misunderstanding by one or more parties to a contract about a material fact that is essential to the agreement, which can sometimes render the contract voidable.
Rescission
The act of revoking, canceling, or annulling a contract, returning all parties to their statuses prior to the contract's formation.
Mistake of Law
An error made by a person in understanding the law as it pertains to their actions, which generally is not considered a defense in criminal law.
- Identify legitimate reasons for seeking rescission as a remedy in contractual disagreements.
Verified Answer
ZK
Zybrea KnightAug 02, 2024
Final Answer :
D
Explanation :
A mistake is a belief about a fact that is not in accord with the truth and it must relate to facts as they exist at the time the contract is created.
Learning Objectives
- Identify legitimate reasons for seeking rescission as a remedy in contractual disagreements.