BLAW 150 Lecture Notes - Lecture 11: Meeting Of The Minds
Document Summary
Implied terms an implied term is a term not expressly included in the contract by the parties but one that reasonable people would have included had they thought about it. Interpretation of contracts by acknowledging the existence of implied terms is very tricky. Since the courts may be reluctant to find implied terms in contracts, business people are encouraged to make anything that is important to them an express term of the agreement. Mistake the courts may grant relief when a party enters into a contract under a basic misunderstanding, although not in every case. The maxim "mistake of law is no defence" applies because all parties are presumed to know the law. Furthermore, a mistake in judgment is not a basis for escaping contractual liability. For example, a contract that proves to be more onerous than anticipated will not provide a basis on which to have the contract set aside.
