Mistake

Front 1

Mistake

Back 1

an erroneous belief in contract law that certain facts are true. If questions are raised successfully the agreement can be found void or voidable

Front 2

Types of Mistake

Back 2

- Common mistake
- Mutual mistake
- Unilateral mistake

Front 3

Common Mistake

Back 3

When both parties make the same mistake.

--does not affect a contract's validity, except for:
>mistakes in law
>mistakes as to the existence of the subject matter--

Front 4

Mutual Mistake

Back 4

both parties make a different mistake.

Front 5

Unilateral Mistake

Back 5

one party is mistaken and the other party knows/ is assumed to know.

Front 6

Equitable a remedies for Mistake

Back 6

- Rescission
- Rectification
- Specific Performance

Front 7

Rescission

Back 7

Setting aside agreements to restore parties to their pre-contractual positions

Front 8

Rectification

Back 8

Correcting a mistake to represent the true intentions of the parties

Front 9

Specific Performance*

Back 9

Refusal to grant specific performance against a party who made a mistake.


*Specific performance is an ordered performance of a contractual duty where damages would not be an adequate remedy