RSM225H1 Lecture Notes - Bona Fide Purchaser
Document Summary
Chapter eight: grounds upon which a contract may be set aside: mistake and misrepresentation. Legal mistakes is not seen as misstate in its general meaning. Unilateral mistake is when only one party is mistaken. Mistakes are also grouped into substantive categories: mistakes about the terms of the contract, may stakes about the subject matter, mistakes about the identity of the parties. If the court finds that there has been a mistake in the legal sense of the word the contract may be declared either avoid or voidable or any special circumstance, the mistake me being recorded (rectified) Under a void contract, no rights, title, or ownership passed to anyone. Voidable contracts exist until they are set aside (rescind; undo or revoke a contract and return the parties as nearly as possible to other or regional position) by the court. Prior that time, writes, title, and interests to pass as set out in the contract.
