Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What is the nature of the following mistakes in contract common, mutual or unilateral? (9 Marks) a. Company A agrees to sell a shipwreck to

What is the nature of the following mistakes in contract common, mutual or unilateral? (9 Marks)

a. Company A agrees to sell a shipwreck to Company B. Company B spends thousands of dollars to locate the ship at certain coordinates, but the wreck did not exist to the surprise of both parties.

b. Ray agrees to sell his car to Nina. Ray was referring to his Toyota Corolla 2015 while Nina thought Ray was referring to his other car, an Audi TT.

c. Maureen is an elderly woman who could not read English and signed documents which her bank manager described was routine papers. In fact the documents included a mortgage over her house guaranteeing the debts of her grandsons business. Maureen is shocked to discover her home might be sold to pay her grandsons debts.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Investment Grade Energy Audit Making Smart Energy Choices

Authors: Shirley J. Hansen, James W. Brown

1st Edition

0824709284, 978-0824709280

More Books

Students also viewed these Accounting questions