LAW 1101 Lecture Notes - Lecture 13: Oral Contract, Rescission, Fiduciary
Document Summary
Chapter 12 minor can disaffirm contract under age of minority and a reasonable time after under turning 18 only has to return consideration if still in possession. Mistakes: only a mistake of fact (not value) allows a contract to be canceled. Mistakes of fact occur in two forms unilateral and bilateral. Other party to the contract knows or should have known that a mistake of fact was made or mistake was mathematical, made inadvertently and without gross negligence. Non mistaken party knew about mistake or caused mistake bilateral- both parties mistaken for matter of fact not value then contract is voidable and can be cancelled by either party. Bilateral (mutual) mistakes can be rescinded by either party contract is voidable by innocent party. Misrepresentation of material fact very important to contract basically lied intent to deceive defendant intentionally lied to them reliance on misrepresentation injury to the innocent party.
