Reference no: EM131935462
Problem
Read the overview below and complete the activities that follow. In this activity, you will be determining what constitutes a mutual mistake. You should go through the elements of what a mutual mistake is and apply the three elements necessary for a mutual mistake to the following case. CONCEPT REVIEW: When people agree to buy or sell, they do so with a particular understanding about the nature of the good or service they are about to exchange. However, one or both parties may think they consented to exchange a particular thing, only to find out later that no meeting of the minds had occurred.
People may misunderstand either some fact about the deal or the value of what is being exchanged. In other words, one or more parties may have made a mistake regarding the contract when they entered into it. Read the case below and answer the accompanying questions. Suppose the Pittsburgh Steelers, a professional football team, signs a starting quarterback, Rob. Rob had an excellent college football record and was highly sought after in the draft.
However, prior to beginning playing with the Steelers, Rob visits a doctor for a physical because he has arm pain and the doctor later determines he can only kick field goals from now on. He requires surgery and will no longer be able to play quarterback. Rob seeks multiple opinions from other doctors, and they all agree.
As a result, he can never play quarterback for the Steelers. Suppose the facts of the case above indicate a mutual mistake by both parties. In the following questions, go through the elements of what a mutual mistake is and apply the three elements necessary for a mutual mistake to the case above.
1. Before a contract can be voided for a mutual mistake, you must consider three factors. What is the first element that must be present for a mutual mistake? How does that element apply to the case above?
2. What is the second element that must be present for a mutual mistake? How does that element apply to the case above?
3. What is the third element that must be present for a mutual mistake? How does that element apply to the case above?
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