MGSC30H3 Lecture Notes - Non Est Factum, Rescission, Punitive Damages

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Document Summary

Mistake: a state of affairs in which a party (or both parties) has formed a mistaken opinion as to the identity or existence of the subject matter, or of some other important term. If consideration is clearly out of line and the mistake is obvious, the courts may not allow the other party to. Snap up the bargain: when mistake is due to the party"s" own negligence, the contract may be binding. Mistake could take the form of a mistake of law. Recovery was only possible if the statute provided for recovery of the money paid, or there was some other conditions related to the mistake that permitted the court to direct the repayment of the money. Mistake of fact: mistake as to the existence of the subject matter of a contract or the identity of a party. Contract is void due to a mistake as to the existence of the subject matter.