BUS 393 Study Guide - Midterm Guide: Non Est Factum, Caveat Emptor, Rescission

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The conduct of the parties at time of negotiating the agreement. Lawyer def. of mistake -> when parties have a different understanding of terms of contract. Judge can do rectification order if mistake only in recording terms. When parties have a different understanding of terms of contract. If mistake only in recording the terms, may ask court to rectify (correct) agreement. Misunderstanding emptor does not apply claim is ineffective. Courts will imply most reasonable interpretation and enforce. If both interpretations equally reasonable, contract void for lack of consensus. Caveat emptor (let the buyer beware) but, if you"ve been framed/fraud then caveat. Only if different understanding is a result of misrepresentation would it be actionable. Non est factum (it is not my act) If mistake as to nature of document signed, contract may be void. Non est factum (it is not my act) if mistake occurs because lazy to read contract -> Non est factum -> mislead to sign the contract.

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