Contract Law Essay Example | Topics and Well Written Essays - 1000 words - 5

Contract justness - Essay ExampleIn the case of Bell,3 the court ascertained that in the regular(a)t of an occurrence of harsh errs that undermines the subject of the compact it renders that contract void. The law recognizes three types of common mistakes namely, res extincta, res sua and mistake on the basis of quality and personality of the subject matter of the contract. Res axtincta is a common mistake where the parties ship into a contract to acquire something that does that both parties are unaware of its non-existence.4 res sua is a common mistake where one party forms an agreement with the other to acquire the interest in something already that party has, save without the knowledge of either party. Finally, a common mistake on the basis of quality is where the parties form an agreement to perform something different from what they thought it was.5A common mistake can limit the parties to the contract from hit an agreement because the parties are incapable of establish ing corresponding offer and acceptance on an essential issue of the agreement.6 Also, even when parties have reached an agreement, there is a shared mistake in relation to the associated circumstance. Under the English cat valium law, the common mistakes superpower undermine the contract by rendering it completely void.7 However, unless the issues are serious it might not be necessary for the parties to seek legal intervention, even though, the parties could not have entered into the agreement had they cognise the true position at the time they were forming the contract.8Equitable jurisdiction refers to a structure of integrity considered to rise the common law by taking action in an equitable and rational manner that results in just outcome.9 Under equitable jurisdiction, the parties to the contract are prohibited from enforcing their legal rights in case it was out of the question for them to do so. The essence of equitable jurisdiction is to ensure no party takes