ADMS 2610 Lecture Notes - Lecture 3: Specific Performance, Condition Precedent, Force Majeure

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Must be in regard to the existence of the contract"s subject matter or a party to it. Only one party to the agreement is mistaken about a material fact. Courts could rectify change written terms to reflect true meaning. Only the injured party can ask court to void/end contract if both parties made a mistake that was material to the deal. A narrow form of mistake designed to help the illiterate or inform who could be unaware of the true nature of the contract rather than its terms. Cannot be used to excuse general carelessness or negligence. Courts might rectify that is order a change in the written terms to reflect the original intention of parties. Making a false statement that induces another person to form a contract. Courts void if both parties entered contract under the same innocent but mistaken belief. A false statement of fact knowingly made by one party to another.

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