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Contracts

QuestionAnswer
Doctrine of Impossibility An independent event that makes the contract OBJECTIVELY impossible to perform; the party attempting to void the contract must not bear the risk, must not be at fault for the event, and the independent event must have actually happened
Doctrine of Impossibility To avoid breaching the contract, the event must be objective, unforseeable, and permanent
Doctrine of Impracticability Independent or unforseeable event that makes performance more difficult or expensive;
Frustration of Purpose The principal purpose of the contract is frustrated by no fault of the breaching party
Griffith v. Brymer A contract based on mutual mistake of material fact is voidable
Krell v. Henry If the existence of a particular state of things is the foundation of the contract, and that thing doesn't happen, both parties are discharged from further performance - so long as risk is not allocated and by no fault of party attempting to breach
Doctrine of Impracticability (4 part test) 1. contract based on assumption event wouldn't happen 2. unforeseen event happens 3. event not fault of parties 4. renders performance commercially unreasonable
Doctrine of Mistake (definition) Where both parties to a transaction hold an erroneous belief about a term or element of the transaction, which may provide a legal basis for nullification or revision of the transaction.
Doctrine of Mistake (3 part test) 1. mistake goes to basic assumption of K (would u have made K if the mistake was not made?) 2. mistake materially effects K 3. party seeking to nullify K does not bear the risk --- only the party who is adversely effected can use doctrine of mistake
Doctrine of Mistake (who bears risk?) 1. court allocates risk based on reasonableness unless 2. K allocates risk 3. party seeking nullification acted on limited knowledge but thought it sufficient
Unilateral Mistake 3 part mistake test PLUS 1. K is unconscionable (terms unfair) 2. OR non-nullifying party knew OR 3. caused the mistake
Mutual Mistake (2 parts, plus allocation of risk) 1. mistake goes to basic assumption of K (would u have made K if the mistake was not made?) 2. mistake materially effects K 3. does the party bear the risk? (use 3 part test to decide)
Mistake of Transcription Mistake happens in writing of contract, not in negotiation of terms of contract, can make a defense through reliance (prove actual agreement beyond reasonable doubt)
Duty to Disclose
Created by: 819661840484