BLAW Chapter 13_Study Questions

BLAW Chapter 13_Study Questions - Doug Jackson Business Law...

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Doug Jackson Business Law section 8 Chapter 13 study questions May 2, 2006 Chapter 13 Study Questions 1.) Mistakes of fact occur in two forms-mutual (bilateral) and unilateral. A mutual or bilateral mistake is made by both of contracting parties. A unilateral mistake is by both of the contracting parties. A unilateral mistake is made by only one of the parties. A bilateral or mutual mistake occurs when both parties are mistaken as to some material fact-that is, a fact important to the subject matter of the contract. When a bilateral mistake occurs, the contract can be rescinded, or canceled by either party. 2.) A unilateral mistake occurs when only one of the contracting parties makes a mistake as to some material fact. The general rule is that a unilateral mistake does not afford the mistaken party any right to relief from the contract. There are two exceptions to this general rule. First, if the other party to the contract knows or should have known that a mistake of fact was made, the contract may not be enforceable. The exception arises,
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This note was uploaded on 03/21/2012 for the course BLAW 1000 taught by Professor Stuff during the Spring '12 term at LSU.

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BLAW Chapter 13_Study Questions - Doug Jackson Business Law...

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