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Contract Law Defenses: Mutual Mistake & Unilateral Mistake [LEAP Preview]

Автор: Studicata

Загружено: 2020-11-25

Просмотров: 17957

Описание:

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00:00 Mutual vs. Unilateral Mistake
The video introduces the two categories of mistake under the Second Restatement: mutual (both parties mistaken) and unilateral (one party mistaken).

00:38 Mistake in Action: Common Scenarios
You’re shown how mistake appears on exams, including examples of sellers undervaluing assets and buyers being duped by counterfeits.

02:45 Four Elements of Mutual Mistake
The video lays out the four required elements for a mutual mistake defense, starting with the need for a factual mistake that existed at the time of contracting.

05:14 Basic Assumption of the Contract
The second element is explained—showing that a mistake must relate to a fundamental expectation, like a product working as advertised.

08:10 Material Impact on the Deal
Mistakes must have a significant effect on the contract; small issues like a $5 surprise won’t cut it.

09:17 Who Bears the Risk of Mistake
The most complex element is introduced—whether the mistaken party assumed the risk by contract or by ignoring known uncertainty.

10:42 Conscious Ignorance and “As Is” Contracts
The video concludes the mistake analysis with examples of parties knowingly entering deals with limited information and assuming the risk.

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Contract Law Defenses: Mutual Mistake & Unilateral Mistake [LEAP Preview]

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