ACTG 2P40 Study Guide - Willful Blindness
Document Summary
The law recognizes 2 meanings of mistake: mistake in the terms of a contract, mistakes in the assumption of a contract. The law will grant relief for the following mistakes: mistakes about the terms, words used inadvertently. Once parties have already reached an agreement and later intend to put the contract into a formal written contract and find that an error was made in the recording. Pending if the error is material enough the court it most cases will grant. When parties both have a misunderstanding of the meaning of a word in a contact. In some cases both parties are equally reasonable or unreasonable as to the mistake in the meaning of the word ----- peerless boat with cotton. This is a mistake in assumption by both parties in believing that the subject matter is a certain value or quality but in fact the value/quality is radically different ( painting worth sold for )
