Review Clearing up the idea behind Mistake -mistake can be bilateral or unilateral o Bilateral: when both parties make

e a mistake the rule: contract can be retracted when both make a material mistake

fact (material) based mistake: when you both make a fact based (objective) mistake you CAN walk away from contract; VOIDABLE

value opinion: when you both make an opinion/ guess based (objective) mistake o you can NOT walk away from contract; NOT voidable ie: mistake about value, assets, investment, etc

Unilateral mistake: when only 1 person makes a mistake general rule: there is NO rescission for the buyer; you can NOT walk away from the contract NOT voidable

exception: the contract is voidable when the non-mistaken party knows or should know of the mistake; VOIDABLE o you are not allowed to take advantage of another persons mistake

^Will be on the exam Statue of Frauds

list of 4 few types of Contracts that have to be in writing: o o Contracts for sale of land/ property contracts not performable within 1 year asks the question, could you reasonably do it in 1 year? if the answer is no then the answer must be in writing o Promises made in consideration of Marriage (21-26) if the promises is not made in writing, nothing can be collected; prenuptial agreements have to be in writing statue must be made in writing ex: prenuptial/dowry agreement

Promise to pay the debt of another: promise to pay creditor the debt of another -2 types: guarantee & executors guarantee contract - has 3 components: 1. secondary liability: instance when you promise to pay someones debt ONLY if they dont pay; secondary NOT primary 2. promise to pay is for the benefit of the debtor; motive must be pure; no ulterior motive 3. Promise is made to the Creditor (not to the debtor) students forget this a lot

Executors contract: an executor is someone who administers someones will. Executor does NOT have to have any connection to the deceased; he simply makes sure that the will is carried out. creditors get paid first when a person dies

we are interested in the instance when the executor does in fact choose to pay the debt of the deceased this agreement MUST be in writing if executor says hell pay of the debt, this agreement must be in writing Defining what In-Writing means -what qualifies as in writing? 2 ways that something can be in writing: written contract & memo Full, complete, written contract o must include all material matter: names of the parties subject matter consideration/price to be paid anything else material given the nature of the contract Memo: a written memorandum; is a writing or series of writing that confirms an oral agreement -this is for COMMON Law only o instance when parties make an oral agreement then follows up w/ some written memo

 does not have to be formal o can be as simple as a thank you note, confirming telegram, etc

any writing is valid against someone who signs/writes it hence: if you write the memo, you are liable to what you wrote but the other person is not liable