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Terms in this set (20)Mary owns two all-terrain vehicles (ATVs), worth $1,000 and $500, respectively. Neil enters into a contract to buy "Mary's ATV" for $750. Mary believes, in good faith, that she is selling the $500 ATV. Neil believes, in good faith, that he is buying the $1,000 ATV. In this situation Sets with similar termsSets found in the same folderOther sets by this creatorOther Quizlet setsRelated questionsWhen one party makes a mistake as to a material fact generally that contract is?A misrepresentation is a false statement of a material fact made by one party which affects the other party's decision in agreeing to a contract. 1 If the misrepresentation is discovered, the contract can be declared void and, depending on the situation, the adversely impacted party may seek damages.
When both parties to a contract are mistaken about the same material fact a unilateral mistake has occurred?A unilateral mistake occurs when only one party is mistaken as to a material fact underlying the contract. Normally, the contract is enforceable even if one party made a mistake, unless an exception applies. A bilateral, or mutual, mistake occurs when both parties are mistaken about the same material fact.
What mistake is made when both parties are mistaken about a material fact of the contract?A mutual mistake occurs when the parties to a contract are both mistaken about the same material fact within their contract. They are at cross-purposes. There is a meeting of the minds, but the parties are mistaken. Hence the contract is voidable.
When both parties to a contract make a mistake regarding an important element of the contract or subject matter it called?D. A mutual mistake of a material fact is a mistake made by both parties, while a unilateral mistake is made by only one party. E.
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A fact that is important and central to the subject matter of a contract is a material fact.
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