LAW 1101- Midterm Exam Guide - Comprehensive Notes for the exam ( 24 pages long!)
Document Summary
Read pgs 310-311, b42, appendix d7 and d8, problems 4,5. Generally, a party who demonstrates that he or she did not genuinely agree to the terms of a contract can choose either to carry out the contract or to rescind it and thus avoid the entire transaction: mistakes. B42 case 13-4: balaban-gordon co. , inc. v. brighton sew. They wanted to construct two sewage treatment plants. Balaban-gordon co. bid the lowest price. (530,300 lower than the next bidder). Balaban noticed that they had mistaken in the price of supplies/machinery. But because the sewer district should have known there was a mistake, balaban won the case: max corporation, a well-known television manufacturer, had several odd lots of discontinued models, which it desired to clear out. Max, the president, invited dharun, the owner of dharun. Discount chain, to come in and examine the different models and make max an offer for the entire lot. The sets were segregated from the regular inventory.
