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Yes, errors can keep you from financing the vehicle and they could take the car back if there is no financing. It is in your best interest to read the contract carefully and get full details on the changes made before signing a second time. If numbers have changed and they have upped the price, you can walk away.

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โˆ™ 2006-04-10 22:52:39
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Q: Can a dealer ask for you to sign a reconstructed contract if there was a mistake on their part The contract has already been signed by both parties?
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What is bilateral mistake?

An error made by 2 parties, who believe differently and/or incorrectly about the facts in the contract. bilateral or mutual mistake; a material fact that is mistaken by both parties. In such a case, the party who is adversely affected by the mistake has the right to cancel or rescind the contract. Sometimes a word or term is materially interpreted differently by each party, their mutual misunderstanding may allow the contract to be rescinded.


What is the difference between a void contract and a voidable contract?

A contract that is void means technically that there never was a contract. There are few times when this remedy is available including if there was a mistake, the contract was entered into under duress, or that the contract was never properly formed. A contract that is 'voidable' is when there has been a misrepresentation or a mistake that allows the innocent party to decide whether the contract will be affirmed, or 'rescinded'. Rescinding a contract has the same effect as if it were void (puts the parties back to where they were as if the contract had never been formed), but the key differences are that it is a choice whether to rescind or affirm and then sue for damages for expectation. Also, rescission is not available in some particular situations: where there are third parties involed, when the contract has already been affirmed, when it is impossible to put the parties back to where they were before the contract was formed, or where the rescission was not done in a reasonable time.


Parties to contract must be competent to contract explain?

parties of competent to contract


Explain why a contract is not voidable merely because it was caised by one of the parties to it being under a mistake as to a matter of fact?

proven


What is a mistake of value?

In a contractual agreement where one or more parties is mistaken regarding the value of the labor or good bargained for. A mistake of value is generally not a defense, leaving the contract intact.


Who is responsible for home insurance on Land contract?

It is wise to address such matters before the contract is signed. This is dictated by the terms of the contract the parties agreed on. If you've already signed the contract then you will just have to read the contract to find out.


When is a contract voidable or annullable?

1. Those where one of the parties is incapable of giving consent to a contract; 2. Those where the consent is vitiated by mistake, violence, intimidation, undue influence or fraud.


Who are the main parties to a contract?

The main parties to a contract are the people who sign the contract. Each party that signs the contract is bound by everything written in the contract.


When can an offer to form a unilateral contract be revoked?

If work has already started there is no offer that can be formed for a unilateral contract to be revoked. If no work has started both parties must agree to the revocation of the contract to avoid breech of contract.


What is an unilateral mistake?

"Unilateral" means "one-sided". In the context of contract law, it means that one of the parties had an imperfect understanding of some provision in the contract at the time it was entered into. This can be either a mistake of fact or a mistake of law. Unilateral mistakes can be grounds for having a court nullify the contract. If widgets normally cost $100 and A agrees to sell them to B for $80, that's a bargain. If A instead contracts to sell them for $0.80 instead, that's clearly a mistake.


What are the seven required elements of an enforceable contract?

The 7 elements of an enforceable contracts are: - the offer - the acceptance of the offer - the capacity to contract for the different parties - no mistake, misrepresentation or undue influence - the lawfulness of the object of the contract - the intention to be legally binding - the consideration.


Are you under contract in real estate with no document?

If the parties haven't executed a contract signed by both parties then you are not "under contract".


Who are the parties that enter a auto insurance policy contract?

The Insurer and the Insured are parties to an insurance contract.


Can The parties to a contract can mutually rescind a contract?

The parties can mutually agree to void the contract. All it takes is a meeting of the minds to do so.


What difference between sin and mistake?

A Sin Is Somthing That You Do On A Purpose Issue, A Mistake Is Like: You Fall On Something, Trip, Scratch, (Mistake) That Does Not Matter At All. And In contract law, a mistake is an erroneous belief, at contracting, that certain facts are true. It can be argued as a defence, and if raised successfully can lead to the agreement in question being found void ab initio or voidable, or alternatively an equitable remedy may be provided by the courts. Common law has identified three different types of mistake in contract: the 'unilateral mistake', the 'mutual mistake' and the 'common mistake'. It is important to note the distinction between the 'common mistake' and the 'mutual mistake'.Mistake can be- (1)Mistake of Law (2)Mistake of FactMistake of law: when a party enters into a contract, without the knowledge of the law in the country, the contract is affected by such mistakes but it is not void. A contract is not voidable because it was caused by a mistake as to any law in force in India. The reason here is that ignorance of law is not an excuse at all. However if a party is induced to enter into a contract by the mistake of law then such a contract is not valid. Illustration A and B make a contract grounded on the erroneous belief that a particular debt is barred by the Indian law of Limitation; the contract is not voidable.Mistake of Fact: Where both the parties into an agreement are under a mistake as to a matter of fact essential to the agreement, the agreement is void. Explanation: An erroneous opinion as to the value of the thing which forms the subject-matter of the agreement is not to be deemed a mistake as to a matter of fact.Illustration: (1) A agrees to buy a certain horse from B. It turns out that the horse was dead at the time of bargain, through neither party was aware of the fact. The agreement is void. (2) A, being entitled to an estate for the life to B, agrees to sell it to C. B was dead at the time of an agreement, but both the parties were ignorant of the fact. The agreement is void.


Capacity of the parties to the contract refers to?

capacity of parties


Can a contract be amended after it has expired if both parties agree and sign the amendment?

An expired contract is no longer in force so it cannot be amended. The parties should execute a new contract.An expired contract is no longer in force so it cannot be amended. The parties should execute a new contract.An expired contract is no longer in force so it cannot be amended. The parties should execute a new contract.An expired contract is no longer in force so it cannot be amended. The parties should execute a new contract.


What are vitiating factors?

vitiating factors are elements of duress, mistake, misrepresentation, and is a essential element of a valid contract it is recognized in common law that a party might have been coerced, or pressed into a contract. the resulting contract cannot be regarded as a true agreement between the parties.


What is reformation of contract?

Reformation of a contract is a legal process that occurs when the terms of a contract are misinterpreted by all parties involved. The contract is changed to match what the parties meant for it to say.


Can a real estate contract be cancelled without penalization?

You will have to go over the contract with a fine tooth comb so to speak. It really depends on the terms of the contract, whether money was exchanged already and if both parties agree. But mainly it depends on the contract.


What is an enforceable contract?

Enforceble contract is a contract which is done with the acceptance with both parties


Explain the elements of a valid contract?

Valid elements of a contract include both parties signatures. A contract must also include both parties agreeing on the terms of the contract.


What are the circumstances in which a mistake by a party to a contract will be regarded in law as never been entred into?

There are three types of mistakes which the parties may made during contracting . They are . Common , Mutual and Unilateral mistake . When there is no consensus ad idem it will result in mistakes which are . Common and mutual mistake may be confuse , but mutual one is when both parties are mistaken as to the offer , acceptance of the contract both thought differently and believe the other consent to what he said , it base on the fundamental matter of the contract while common mistake is oppose to that one . Unilateral one is when one party is mistaken while the other is not . Check in old English case of Smith VS Hughes . At common law , the law declare any contract found under mistake as Void . Equity apply flexible approach , may treat the contract as voidable , refuse specific performance , injunction or restitution . Contracts under Unilateral mistake especially are likely to be consider as void and those found based on mutual mistake .


What is a voidable contract?

It is a contract in which one or both parties have the option to void their contractual obligations. If a contract is void both parties are released from their contractual obligations.


What kind of contract is based on the conduct of the parties?

Implied Contract