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Missing Out on Facts While Making Contracts- How Legal Assertion Helps?

Life has indeed got much more complicated than earlier, and hence terms and conditions have entered into simple lives. Has that made life easier? Well Daniel E DeKoter doesn’t believe so because he finds multiple intricacies in these contracts that are being made, and if by chance there is any mistake made in putting the facts deliberately, the problems increase to a different level. There have been umpteen number of examples that Daniel faced in life where one single breach of information has led to troubles to both the parties equally.

He describes one of the incidents that he has experienced on his own and believes that this might make it easier for the businessmen especially to understand how the thing works. In one of the contracts, Daniel E DeKoter mentions that shipment of the plates was stated in it. Now there can be two types of problems that might arise. The contract might be referring to the paper plates, which need to be delivered. But the other party might take it to be the ceramic plates as well and there is no scope of blaming anyone. So the entire contract turns out to be null and void when such misrepresentation of information is found in the contract.

The mistake of fact is completely different from the mistake of law, and hence there’s no point confusing one with the other. Going by the expert’s suggestions, there are two types of mistakes that can occur in contracts- the mutual mistakes where both the parties are involved, and the unilateral mistakes where either one is involved. So depending on the misrepresentation of the fact, mistakes can happen and hence, the impact will have separate consequences.

There are a couple of consequences when such mistakes are committed while signing the contract. Definitely, the parties will no more be bound to follow the duties that have been listed in the agreement. Are there any remedies when such mistakes have already occurred?

For unilateral mistakes, there are generally two different types of remedies that can be charted out:

  • First, comes the Recession, which means the cancellation of the contract. The party who definitely has not been the part of the mistake, and doesn’t even know that any mistake has been done, can cancel the contract under any circumstances, and even claim to know the mistake. While this might hamper the work, but it actually prevents the non-mistaken party to take any undue advantage over the other one.
  • The next being Recession, which demands to rewrite some portion or even the entire contract depending on the mistake that has been committed. So the entire terms and conditions are being rewritten depending upon the intention of the original understanding of the contract between the parties.

Hiring the lawyers is indeed the best option because it allows you to determine the type of remedy that you might head towards. Even hiring lawyers can avoid making disputes further. Negotiation is the new key, and only experts are expected to do it well.

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