Conventional Common law reasons for allowing one
party to Elect to Void a contract.
- Lack of Capacity - voidable by incapacitated party
- Infancy (party under 18 yo)
except for necessities,
but enforceable if not disaffirmed after reaching 18yo
except for 'lucid moments'
- Duress and Coercion
- Fraud and Misrepresentation of a Material factor
- Fraud in Inducement -> VOIDABLE by deceived party
No intent or negligence necessary; NOT like Tort
- Mutual -> VOIDABLE if:
- About a Basic Assumption which
would change "essential nature" of the K.
- about an EXISTING fact or law
- which has a 'MATERIAL EFFECT' on the bargain
- Risk must not have been implicitly or explicitly assumed
by the party seeking to void the K.
- Unilateral -> VOIDABLE if:
- Must make same showings as above PLUS
- K would be Unconscionable if enforced and
- other party has not relied on the mistake
- or Other party knew or should have known of mistake
- or Mistake was Other party's fault.
- May ask for 'reformation'
- Mistake by Intermediary
- Enforceable, Construe against chooser,
- unless other party should have been aware.