ADMS 2610 Lecture Notes - Lecture 3: Fundamental Breach, Specific Performance, Quasi

• School: York University
• Department: Administrative Studies
• Course: ADMS 2610
• Professor: Grant J Mac Donald

Document Summary

Determines who bears the brunt of given loss. A situation where parties accept agreement is such a way that does not express true intentions. ~ if consideration is clearly out of line/obviously mistaken, contract may be voided. ~ but if mistake is caused by self-negligence, contract is binding. Mistake of law: presumed to know the law. Recovery is available if statute provided or other conditions. Mistake of fact: mistook subject matter of the contract or the identity of a party. If mistake is on subject matter = contract is void. If mistake is regarding the identity of the party . Unilateral mistake: one party was mistaken of fact. Only voidable if other party knew of mistake and failed to disclose. Only injured party can ask courts to void contract. Rectification: correction of a mistake by the courts that is essential to carry out contract. Result: voidable at the option of the injured party.