Which of the following forms the basis of a common argument for setting aside a contract based on mistake that will rarely succeed in Canadian courts?
A) misunderstanding of the legal consequences of giving an oral guarantee
B) misunderstanding of the terms of an oral contract dealing with land
C) misunderstanding of the nature or type of contract signed by the party
D) misunderstanding that a contract is not to be performed within one year

Question

Quizplus · Accepted Answer

Misunderstanding of the nature or type of contract signed by the party forms a basis for an argument to set aside a contract based on mistake, but it rarely succeeds in Canadian courts because the law generally holds parties to the contracts they sign, assuming they have the capacity and intent to enter into them.

Which of the Following Forms the Basis of a Common