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Contract law exam - Essay Example
Author : kieranconroy
Pages 3 (753 words)
One way in which a contract can be discharged is frustration which will thus operate in situations where it has been established that due to subsequent change in circumstances, the contract has become impossible to perform, or it has become deprived of its commercial purpose by an event not due to the act or default of either of the parties to the contract.This does not however equate to initial impossibility, which renders the contract void ab initio…
Mistake is another vitiating factor and it has be operative in order to render a contract void or voidable At common law it will render the contract void ab initio and nullify any property passed or obligations created.Mistake at equity may make the contract voidable for mistake which means that the contract has an option of being avoided and will be The law relating to mistake is not statutory and can be inferred from a number of case law.It has often been stated that the categorization of the types of mistake etc is confusing and should be reformed.The effect of mistake is that if the contract is void at law then the there is no remedy of specific performance available either.(Nutt v Read (1999) The Times, December 3.)
Consideration is an integral part of a contract essentially what really makes an agreement a fully enforcea ...