Misrepresentations in Contracts an Examination Term Paper

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For instance, Eugene W. Massengale notes that "An attempt must be made to seek the resolution of any suspected mistakes as specifically as possible" (p. 83). This author also reports that if a party to a contract incurs additional costs or expenses as a result of the mistake, they may recover such costs or expenses as part of completing their obligations under such contract (p. 117).

Conclusion

The research showed that contracts are a special type of agreement between two or more parties that is enforceable in court. In order for a contract to be enforceable, though, the three key elements of consideration, capacity, and legality must be satisfied. To meet the legality element of this formula, a contract must be free of misrepresentations; however, mistakes can and are made all of the time in contracts and these can be remedied if all of the parties agree to it. In many cases, though, courts will enforce contracts even if they contain mistakes if the contract was made in good faith and satisfies the other requisite elements.

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Misrepresentations, though, generally represents a death blow to any contract if it is determined that one or more parties intentionally misled the other party or parties, and mistakes based on such misrepresentations will not be a legitimate defense for this misrepresenting party or parties......

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