ACTG 2P40 Lecture Notes - Lecture 6: Fide, Condition Precedent, Wart
Document Summary
As to terms of the contract: terms: You encounter mistakes when: as to assumptions: where words are used inadvertently, written agreement doesn"t match the oral agreement, words that have multiple meanings. Case on page 182: peerless ship was transporting goods from bombay to england. There were two ships named peerless traveling same route (one in dec, one in oct). Buyer thought it was coming october, seller thought it was going december (two ships). buyer didn"t want to pay for cotton later when dec came. Court ruled there was a legit mistake, thus contract found void: assumptions: Subject matter qualities are different than what the parties contemplated e. g you buy a painting thinking it was by a local artist for "000. Two months later you realize that its by another artist but the value of painting is still nearly "000. Thus its hard to get court to do anything for you. e. g you buy a van ghough painting worth 000.
