BU231 Chapter Notes - Chapter 9: Uberrima Fides
Document Summary
Sometimes a contract needs to be set aside. If a legal mistake is made then there is a chance the contract could be voidable or qualify for equitable relief. Must return any benefit if you ask to have it set aside. You lose the right to rescind (set aside) once you have gained benefits that can"t be restored to the other party. Used wrong words: i. e. you get an offer for but you counter with , clearly you mean to counter with . Misunderstandings about the meaning of words: court will decide the interpretation of the statement. Mistake in the existence of the subject matter: i. e. the goods were destroyed on the ship midway through the journey and neither party had known. Mistake about the value of the subject matter: i. e. you think you"re ordering 10 canadian bmws but they were made to american standard so they are basically worthless to you.
