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May 22, 2023 · More specifically, a “unilateral mistake” is the mistaken belief that is held by only one of the parties, and is not shared by the other party to the contract. Simply put, a unilateral mistake occurs when only one of the parties misinterprets the subject matter or meaning of the terms. Generally, unilateral mistakes are much more common ...
- Contract Reformation
Rescission may be given where there is a unilateral mistake,...
- Acceleration Clause Lawyers
The breach letter must include certain information, such as...
- Minor Breach of Contract
Also, if the non-breaching party failed to perform their...
- Contract Assignments
In certain instances, an assignment of contract rights can...
- Release Clauses
In some instances, the court may view other factors to...
- Breach of Contract Equitable Defenses
Mistake, which occurs when a factual or legal mistake is...
- Contract Reformation
- Background
- Confirmation of The Law of Rectification
- Standard of Proof Required For Rectification
- Lessons For Tax Practitioners and Corporate & Commercial Lawyers
Fairmont Hotels Inc. provided financing to Legacy REIT for the purchase of hotels. The financing agreement involved the use of their respective subsidiaries to achieve tax neutrality from foreign exchange gains and losses. In 2007, Legacy requested Fairmont wind up the financing agreements. In doing so, Fairmont redeemed shares, as opposed to issui...
The majority of the SCC granted CRA’s appeal and denied Fairmont’s request for rectification. The majority of the SCC decided that unintended consequences, including unintended adverse income tax consequences, flowing from a written instrument are insufficient to successfully ground an application for rectification. The SCC overruled the 2000 decis...
The SCC also stated that the applicable standard and quality of proof is the balance of probabilities, supported by “…..evidence exhibiting a high degree of clarity, persuasiveness and cogency….” The SCC relied upon the decision in Thomas Bates & Son Ltd. v. Wyndams (Lingerie) Ltd. [1981] 1 WLR 505, as follows: The requisite degree of cogency of pr...
Rectification is now limited in scope to written instruments that do not reflect, upon clear and cogent evidence, the prior agreement of the parties, and that prior agreement terms are definite and ascertainable. The consequences – whether intentional or unintentional – flowing from a written instrument are not relevant to an application for rectif...
The three requirements that will render a contract void for unilateral mistake in relation to the terms of a contract are: One party is mistaken as to a term of the contract, and would not have entered the contract but for this mistake. The mistake is known or reasonably ought to be known to the other party. The mistaken party is not at fault.
Contracts - Mistake and Rectification. [2] Rectification is an equitable remedy available to correct a document that fails to accurately record the parties’ true agreement. It is not available to correct an improvident bargain or to fill a gap in the parties’ true agreement, even when the omission defeats what one (or both) of the parties ...
Sep 13, 2023 · • Court may exercise its discretion to refuse the equitable remedy to such a plaintiff, but not an absolute bar Rectification for Mutual Mistake •The prerequisites for rectification in respect of unilateral mistake do not apply in common or mutual mistake cases (Royal Bank of Canada v. El-Bris Ltd., 2008, ONCA 601 at para 17)
Mar 20, 2014 · To be entitled to rectification of a contract induced by unilateral mistake, the plaintiff must prove: 1. the existence of a prior oral contract whose terms are definite and ascertainable; 2. that the written document does not correspond with the prior oral agreement (that is, that the terms agreed to orally were not written down properly);
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Mistake. A contract can be voided under common law rules for mistake in the following situations: Common mistake (where the mistake is shared by both parties, is fundamental and directly affects the basic definition of what the parties are contracting for). The mistake will render the contract void if it robs it of all substance.
