Contract Law Quiz With Answers In Kings
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FAQ
Common law has identified three different types of mistake in contract: the 'unilateral mistake', the 'mutual mistake', and the 'common mistake'.
The mistake will render the contract void if it robs it of all substance. Mutual mistake (where the parties are at cross-purposes with one another). If, from the parties' words and conduct, only one possible interpretation of what was agreed can be deduced, the contract will still be valid. Otherwise it will be void.
For example, A agrees to sell to B his buffalo. But at the time of the agreement, the buffalo had already died. Neither A nor B was aware of this. And so there is no contract at all, i.e. the contract is void due to a mistake of fact.
How to Approach a Contracts Question Start with the Fact Pattern. First, I start with a fact pattern. Take Notes. If it's on a screen, I'm taking mental notes or jotting down a word, just to remind myself. Figure Out the Issues. Write Short Answers. Fill Out the Outline with CRAC.
A common examinable area under the mistake in contract law is in the area of mistaken identity. This can happen where one party makes a contract with a second party, believing him or her to be someone else. If you encounter such a question, be on your guard right from the start.
A contract is an agreement between parties, creating mutual obligations that are enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.
For a contract to be valid and recognized by the common law, it must include certain elements-- offer, acceptance, consideration, intention to create legal relations, authority and capacity, and certainty. Without these elements, a contract is not legally binding and may not be enforced by the courts.
A mistake in contract law refers to the erroneous belief of a party at the time of the contract formation. The belief need not be an articulated one. The mistake must be about facts as they existed at the time the contract was made; it cannot be about a party's prediction of future events.
