Asked by Julio Cesar Meirelles on Jun 20, 2024
Verified
Give an example of each of the following:
a. Unilateral mistake
b. Mistake in the meaning of a contract term.
Contract Term
A specific duration or period during which an agreement is effective and enforceable by law.
Mistake
An error in understanding or judgment that can affect the terms or validity of a contract.
Unilateral Mistake
A situation in contract law where only one party to a contract is mistaken about the terms or conditions contained in the contract agreement.
- Acquire knowledge on the factors that define a contract as void or voidable.
Verified Answer
KK
kafsheri KapedaniJun 26, 2024
Final Answer :
a. Nancy offers to sell Sidney a certain boat. Sidney believes the boat is a valuable antique with significant collector's value. Nancy makes no misrepresentations with regard to its value, but asks for $5,000 more than the appraised value. Sidney pays the asking price, because he thinks it is worth more. If the boat is not an antique collectible, and Sidney has paid more than the boat is worth, he has no recourse.
b. Florence agrees to buy Henry's "car" for $2,000, believing it is Henry's 1990 automobile. In reality, Henry wants to sell his 1981 vehicle. If neither party was at fault, but both held their belief in good faith, there is no manifestation of mutual assent and no contract.
b. Florence agrees to buy Henry's "car" for $2,000, believing it is Henry's 1990 automobile. In reality, Henry wants to sell his 1981 vehicle. If neither party was at fault, but both held their belief in good faith, there is no manifestation of mutual assent and no contract.
Learning Objectives
- Acquire knowledge on the factors that define a contract as void or voidable.