Law 2101- Final Exam Guide - Comprehensive Notes for the exam ( 192 pages long!)
Document Summary
Study guide: what is a mistake, general: something that doesn"t work out in search for a solution. Often used interchangeably with error: law: misunderstanding or erroneous belief about a material-fact which may prevent formation of a valid contract. It is of three basic types: common mistake: all parties make the same error, mutual mistake: all parties are mistaken or fail to understand each other, unilateral mistake: only one party is mistaken. For example, in a contract for the sale of screws, one party may incorrectly believe that the (cid:449)o(cid:396)d (cid:862)s(cid:272)(cid:396)e(cid:449)(cid:863) (cid:396)efe(cid:396)s to phillips-head screws, when in fact the term refers to standard-type screws. A (cid:373)is(cid:396)ep(cid:396)ese(cid:374)tatio(cid:374) (cid:272)a(cid:374) (cid:271)e eithe(cid:396) (cid:271)y (cid:449)o(cid:396)ds, (cid:272)o(cid:374)du(cid:272)t o(cid:396) sile(cid:374)(cid:272)e o(cid:374) the selle(cid:396)"s pa(cid:396)t if this creates a half truth or false impression or mistaken belief on your part and this is not corrected. (ministry business, n. d. ) For example, a buyer purchased a car for ,400 in a private sale.
