COMMERCE 4SD3 Chapter 9: 4SD3 Chapter 9 Reading and Notes

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 4SD3
• Professor: Paul Stillman

Document Summary

Grounds upon which a contract may be set aside: mistake and misrepresentation. Voidable the contract exists until set aside by a court; rights may pass to third parties before it is set aside. Equitable relief a discretionary remedy first developed by the courts of equity to undo an injustice. Rescind set aside; undo or revoke a contract and return the parties as nearly as possible to their original positions. Common mistake both parties believe the same erroneous fact: example: the car is black, when it is navy blue. Mutual mistake both parties are mistaken but believe something different from each other: example: one person believes the car is black, one believes it is grey. Unilateral mistake if only one party is mistaken and the other knows the truth. Set aside rescind; undo or revoke a contract and return the parties as nearly as possible to their original positions.