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A void agreement is void ab initio, i e from the beginning while a voidable contract can be voidable by one or all of the parties. A voidable contract is not void ab initio, rather, it becomes void later due to some changes in condition. In sum, there is no scope of any discretion on the part of the contracting parties in a void agreement.
Mistake of law is 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. The reason here is that ignorance of law is not an excuse. However, if a party is induced to enter into a contract by the mistake of law then such a contract is not valid. [3]
A voidable contract, unlike a void contract, is a valid contract which may be either affirmed or rejected at the option of one of the parties. At most, one party to the contract is bound . The unbound party may repudiate (reject) the contract, at which time the contract becomes void .
First, where a party to a contract exercises an express right of termination, he or she is sometimes said to have exercised a right to rescind the contract. Secondly, where a party is faced with a repudiation, the party can elect to terminate the contract; this too has often been referred to as an election to rescind. "Rescission" at common law.
The law of mistake comprises a group of separate rules in English contract law. If the law deems a mistake to be sufficiently grave, then a contract entered into on the grounds of the mistake may be void. A mistake is an incorrect understanding by one or more parties to a contract. There are essentially three types of mistakes in contract:
Non est factum (Latin for "it is not [my] deed") is a defence in contract law that allows a signing party to escape performance of an agreement "which is fundamentally different from what he or she intended to execute or sign". [1] A claim of non est factum means that the signature on the contract was signed by mistake, without knowledge of its ...
The cause of a contract is the reason that determines each of the parties to enter into the contract, and does not need to be explicitly expressed in the contract. [179] The object of a contract is the juridical operation (i.e. exchange of one or more legal rights) contemplated by the parties at the time of the contract's formation. [ 180 ]
In the law of contracts, revocation is a type of remedy for buyers when the buyer accepts a nonconforming good from the seller. [1] Upon receiving the nonconforming good, the buyer may choose to accept it despite the nonconformity, reject it (although this may not be allowed under the perfect tender rule and whether the Seller still has time to cure), or revoke their acceptance.
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