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13 Feb 2012
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Chapter 11: failure to create an enforceable contract. The essential points for the creation of a binding agreement: Mistake: a state of affairs in which a party has formed an erroneous opinion as to the identity or existence of the subject matter, or of some other important term, no real meeting of the minds. When the mistake is due to the party s own negligence, the contract may be binding. Money paid under a mistake of law should not be distinguished from mistake of fact the difference should be abolished. The court does not require the purchaser to accept something different from what she had contracted to buy. Mistake as to the existence of the subject matter of a contract or the identity of a party. contract may be voidable when the true facts are discovered. If the identity of the party is not an essential element of the agreement, then the agreement may be enforceable.

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