What is an example of a unilateral mistake that results in a voidable contract?
A unilateral mistake can result in a voidable contract. A unilateral mistake is mostly not considered a mistake. However, please keep in mind that the major exception that the exam like to test candidates on is what is called a “a mistake as to a material fact”. This is considered a defense if one of the parties knew or should have known of the existing mistake.
Below is an example of a unilateral mistake that resulted in a voidable contract for Dustin:
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What is an example of a mutual mistake that results in a voidable contract?
A mutual mistake can result in a void or voidable contract. For a mutual mistake to result in a voidable contract, then the mistake would have to be material and there was an existence of subject matter. Below is an example of a mutual mistake that resulted in a voidable contract. Make sure you understand...
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Why would a contract be voidable?
A voidable contract, unlike a void contract, is a valid contract which may be either affirmed or rejected at the option of one of the parties. There are a number of reasons as to why a contract could be voidable. Some examples include fraud in the inducement, economic (or social) duress, innocent misrepresentation, undue influence,...
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What is an example of a mutual mistake that can void a contract?
If both contracting parties make a mistake regarding facts considered to be material, the party that is negatively affected may get out of the contract. This will typically arise when there is a lack of existence of the subject matter. Mutual mistake can either result in a void or voidable contract. Below is an example...
What is an example of a mutual mistake that results in a voidable contract?
A mutual mistake can result in a void or voidable contract. For a mutual mistake to result in a voidable contract, then the mistake would have to be material and there was an existence of subject matter. Below is an example of a mutual mistake that resulted in a voidable contract. Make sure you understand...
Why would a contract be voidable?
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What is an example of a mutual mistake that can void a contract?
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