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Get Answers to all your Questions
Read the given passage very carefully and answer the questions.
Mistakes may operate upon a contract in two ways. It may, firstly, defeat the consent altogether that the parties are supposed to have given; that is to say, the consent is unreal. Secondly, the mistake may mislead the parties about the purpose they contemplated. Where both parties are under a mistake as to a matter of fact essential to the agreement, the agreement is void. However, an erroneous opinion as to the value of the things which form the subject –matter of the agreement is not deemed a mistake as a matter of fact. An agreement upon the same thing in the same sense is known as true consent or consensus ad idem, and it is the root of every contract. Two or more people are told to consent when they agree upon the same thing in the same sense.
A contract is said to be void because of a mistake when:
• Both the parties to an agreement are mistaken,
• Their mistake is, as a matter of fact, and
• The fact about which they are mistaken is essential to the agreement.
A contract is not void because it was caused by a mistake as to any law in force in India, but a mistake as to a law not in force in India has the same effect as a mistake of fact.A mistake as to identity occurs when one of the parties represents himself to be some person other than he really is. There can be a mistake of identity only when a person bearing a particular identity exists within the plaintiff's knowledge, and the plaintiff intends to deal with him only. If the name the accused assumes is fictitious, there will be no mistake of identity.
Question: Taylor buys a plot of land, believing it to be a gold mine. It turns out that the land has no gold. Is the contract void due to a mistake?
Yes, the contract is void because Taylor made a mistake regarding the value of the land.
No, the contract is not void because this was a mistake regarding the value, not a matter of fact.
Yes, the contract is void because Taylor was misled about the potential of the land. D. No, the contract is not void because Taylor should have surveyed before buying.
Either a or c
Answers (1)
No, the contract is not void because this was a mistake regarding the value, not a matter of fact. She bought the land with the thought that it'll have a gold mine but it didn't affect the value of the actual land. She bought the place with all her consciousness thus the buying of land is not a mistake.
