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Mistake to Formation (Nondisclosure (Failure to disclose, a duty to…
Mutual Mistake - A mutual mistake occurs when, at the time the contract was made, both parties were mistaken as to a material fact. Contract is voidable.
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Unilateral Mistake
Traditional rule: no grounds for recission unless the non mistaken party should have know the parties mistake, caused the mistake, or had a duty to disclose the mistake.
Modern Rule - Grounds for recission if the party seeking recission is not at fault, the mistake is vital, enforcement is unconscionable, prompt notice to rescind is given, the mistake is one of calculation not judgement, the status quo may be restored afterward.
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Misrepresentation
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False statement of fact, intention or opinion
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