TABL1710 Chapter Notes - Chapter 5: Caveat Emptor, Equitable Remedy, Dmg Media
Document Summary
Privity of contract: as a general rule, a person who is not a party to the contract (a third party) cannot be sur or be sued for breach of the contact. This is known as the doctrine of privity of contract. Unilateral mistake: one party makes a serious mistake about a fundamental aspect of the contract, the other party knows that they have made a mistake, and they seek to take advantage of that mistake unfairly. Common mistake: both parties are mistaken as to a fundamental aspect of the contract. Mutual mistake: the parties believe they have reached an agreement but in fact has been no meeting of minds. If one party compel the other party to enter into the contract by threatening negative consequences, they are said to have engaged in duress and the contract is voidable: the threat may be: To the personal safety of the other party or to that of their loved ones,