Law 5110 Study Guide - Quiz Guide: Flea Market
Document Summary
# begins with the party who caused the. # a defect in the intention will inevitably error affect the validity of the contract. # where the defect is serious enough, a party should be allowed to invalidate the contract. # 3 defects: mistake / fraud / threat. # misrepresentation is required in english law for the contract to be avoided by the innocent party. # english law puts emphasis on protecting the reasonable reliance of the other party who believes an agreement did come into binding. English law rarely allows a remedy for mistake ; the english law puts emphasis on protecting the reasonable reliance of the other party who believes an agreement did come into binding. 1st requirement there must be a contract that can be avoided. 2nd requirement there must be a misapprehension of the correct situation by one or both parties (the actual mistake") about the fundamental characteristics of the good.
