Asked by
Kenneth Riley
on Nov 27, 2024Verified
Only a mistake of value or quality makes a contract voidable.
Mistake Of Value
An error made by one or both parties at the time of entering into a contract, regarding the value or worth of the subject matter of the contract.
Voidable
Refers to a contract that is valid and enforceable unless challenged and declared void by a party to the contract who is deemed to have been disadvantaged or defrauded.
- Understand the consequences of value and quality errors on contract validity.
Verified Answer
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Learning Objectives
- Understand the consequences of value and quality errors on contract validity.