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Contracts
| Question | Answer |
|---|---|
| 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 |
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819661840484
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