LAW OF CONTRACT

Topic 

LAW OF CONTRACT

Instructions 

Topic: "The decision of the court of Appeal in The Great Peace was emphatic and
uncompromising: there is no place in the Law of contract for a broader doctrine of
common mistake in equity than the limited common law doctrine; and there is no
place for a judicial discretion in remedying mistake because it would undermine the
security of contracts ": Beatson, Burrows & Cartwright (2010) Anson's Law of
Contract, OUP, p.296.

Answer Preview 

A common mistake in the Law of Contract is a mistake that is shared by both parties that have entered into a contract. It is a mutual misapprehension on the part of the both individuals has to the subject matter of the contract. Because that subject matter either no longer exists in quality or varies to what was originally agreed[1]. The common mistake in a contract must relate to the existing fact or law as it can influence the contract in two fundamental ways. First, the common mistake can avert the agreement that has been reached by the parties from being reach as a result of the parties failure to come up with a matching acceptance and offer on an issue that is essential to the agreement.

[1] Beatson, J. (2016). Anson’s law of contract. [Place of publication not identified], Oxford Univ Press.

Word Count: 1800