BUS311_chapter_05

One was scheduled to arrive in october and the other

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Unformatted text preview: d what he was doing. People can lack capacity for a variety of reasons: mental illness, senility, even intoxication! (This is one of the few times in your life when being drunk is actually a legal excuse.) But the issue is not whether you are mentally ill, or too drunk to drive; the issue is whether because of your condition, you were unable to understand the contract. 5.3 Genuine Assent S ometimes it appears that there is an agreement, but when we examine the circumstances more closely, we can see that one or both parties did not truly have a “meeting of the minds.” Such defective assent makes a contract voidable. Let’s take a closer look at the specific grounds for voiding a contract on this basis. rog80328_05_c05_089-110.indd 94 10/26/12 5:37 PM Section 5.3 Genuine Assent CHAPTER 5 Mutual Mistake of Material Fact If both parties to a contract make a mistake about a material fact (something a reasonable person would consider in choosing to make the contract), either one can void the contract. Example 5.11. If Jeremy contracts to sell his...
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