Contracts

Question 1

What are the options to resolve K when there’s mutual mistake?

Answer 1

Reformation or Rescission

Question 2

Will a UNILATERAL mistake of fact invalidate a K?

Answer 2

No

Question 3

What does the doctrine of MUTUAL MISTAKE say?

Answer 3

Court may give relief where there’s been an:

1. INNOCENT OMISSION OR INSERTION
2. of a MATERIAL STIPULATION
3. CONTRARY to the INTENTION of both parties

Question 4

What’s the effect of a minor entering into a K?

Answer 4

Minor can either honor the deal or void the K. Upon reaching 18, he must act promptly to void the K.

Question 5

What’s the effect of the Statute of Frauds when a party is a minor?

Answer 5

Minor can’t be held to any unwritten K, once they’re an adult, if K made during INFANCY.