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Where the consent of both the parties is given by mistake, the contract is ___________
- a)Void
- b)Valid
- c)Voidable
- d)illegal
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
Where the consent of both the parties is given by mistake, the contrac...
When consent given by both parties is given by mistake then the contract is void because both the parties are under default .
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Where the consent of both the parties is given by mistake, the contrac...
Explanation:
Void Contract:
- When the consent of both parties is given by mistake, the contract is considered void.
- A contract is void when it lacks the essential elements required for a valid contract, such as free consent.
Consent by Mistake:
- Mistake in a contract occurs when both parties are under a misconception regarding a fact or law at the time the contract was made.
- If the mistake is fundamental to the contract and goes to the root of the agreement, it can render the contract void.
Legal Consequences:
- In cases where both parties have given consent by mistake, the contract is void ab initio, meaning it is treated as if it never existed.
- The parties are released from their obligations under the contract, and any consideration exchanged must be returned.
- The mistake must be a fundamental one, not a mere error in judgment, to render the contract void.
Example:
- For instance, if both parties agree to sell and purchase a painting, believing it to be a famous artist's work when, in reality, it is a forgery, the contract can be declared void due to mutual mistake.
Conclusion:
- In conclusion, when the consent of both parties is given by mistake, the contract is considered void, and the parties are not bound by its terms. It is essential to ensure that all parties have a clear understanding of the terms and conditions of a contract to avoid mistakes that could render it void.
Void Contract:
- When the consent of both parties is given by mistake, the contract is considered void.
- A contract is void when it lacks the essential elements required for a valid contract, such as free consent.
Consent by Mistake:
- Mistake in a contract occurs when both parties are under a misconception regarding a fact or law at the time the contract was made.
- If the mistake is fundamental to the contract and goes to the root of the agreement, it can render the contract void.
Legal Consequences:
- In cases where both parties have given consent by mistake, the contract is void ab initio, meaning it is treated as if it never existed.
- The parties are released from their obligations under the contract, and any consideration exchanged must be returned.
- The mistake must be a fundamental one, not a mere error in judgment, to render the contract void.
Example:
- For instance, if both parties agree to sell and purchase a painting, believing it to be a famous artist's work when, in reality, it is a forgery, the contract can be declared void due to mutual mistake.
Conclusion:
- In conclusion, when the consent of both parties is given by mistake, the contract is considered void, and the parties are not bound by its terms. It is essential to ensure that all parties have a clear understanding of the terms and conditions of a contract to avoid mistakes that could render it void.
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Where the consent of both the parties is given by mistake, the contract is ___________a)Voidb)Validc)Voidabled)illegalCorrect answer is option 'A'. Can you explain this answer?
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