Law 5110 Study Guide - Quiz Guide: Caveat Emptor, Undue Influence, Philippine Association Of The Record Industry
Document Summary
Avoidance of a contract in cases of defects of consent (wrong assumption) / undue influence and misrepresentation. Common requirements that any legally relevant mistake must meet: Misapprehension of the correct situation by one or both parties = actual mistake. Fundamental characteristics of a good or quality of a person. The contract wouldn"t have been concluded under the same conditions on a correct assessment of the facts. Causal link btw mistakes and conclusion of the contract. It must be clear to the other party that the mistaken party had it known the truth, wouldn"t have entered into the contract. Other party ought to know that a quality of a object or person is vital to mistaken party. Mistake must fall under one of three categories found in article 6:228 (1) bw: incorrect information given by the other party: A party cannot rely on just any information.
