Chapter14 - Genuineness of Assent A contract may also be...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Genuineness of Assent A contract may also be unenforceable if the parties have not genuinely assented to its terms. Assent may be lacking because of: 1. Mistakes, 2. Misrepresentation, 3. Undue influence, or 4. Duress. A party who has not truly assented can choose to avoid the transaction. Lack of assent is both a defense to the enforcement of a contract and a ground for rescission (cancellation) of a contract. Mistakes It is important to distinguish between mistakes of fact and mistakes of value or quality . Only a mistake of fact allows a contract to be avoided. Mistakes of fact occur in two forms-- unilateral and mutual (bilateral) . A unilateral mistake is made by
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
only one of the contracting parties; a mutual, or bilateral, mistake is made by both. A mistake by one party is generally insufficient to make a contract void. However, if the nonmistaken party knew or should have known of the mistake, the contract is voidable by the mistaken party. Mutual Mistake A mistake by both parties is a defense to a valid contract if the parties are mistaken about the same material fact . Assume that at Marcus’ grocery store, Beemer buys a case of Welch’s grape jelly. Both Marcus and Beemer do indeed believe that the sealed box contains 12 jars of Welch’s grape jelly. Later, Beemer discovers that the box contains 12 jars of Vaseline petroleum jelly, not Welch’s. Because neither Marcus nor Beemer
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 7

Chapter14 - Genuineness of Assent A contract may also be...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online