ACTSC371 Lecture Notes - Lecture 8: Anglia Building Society, Caveat Emptor, Equitable Remedy
4 Jan 2016
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2 main types of legal mistakes: renders the contract void and unenforceable. To establish mistake is very difficult, but it is irrefutable: mistake about terms of contract. Example: misplaced in the decimal place of a dollar amount that was previously agreed to. Omission of a term previously agreed upon is an example. Contract to build the military equipment, entered into negotiation for contract to come to an end. When the contract was written, the term of returning the land was omitted. The motor tracks ltd. was giving the gov"t a hard time so the usa gov"t sued the company. Cotton companies, the price fluctuates depending on supply. The two parties enter into a contract to bought and sell cottons using a ship called peerless but there were two peerless ship that shipped cotton. The plaintiff thought the peerless in october, but the defendant said the. The two parties bought and sell to corn being carried by a particular ship.
