More than often, property buyers raise particular questions of law related issues concerning property contracts. This article here describes some of the most common problems concerning contracts. However, if your case fall into any of these three categories mentioned below we suggest that you have to contact your lawyer.
When dealing with a mistake in the “law of contract” usually is a matter of two different situations.
The first one is where both parties had agreed on the contract terms but for some reason they both entered into the contract with a shared misconception of these terms. In other words there was a common mistake. In such case, beside the fact that both parties agreed, they contracted under a misunderstanding, a mistaken belief that some fact in the contract is true.
The second situation is often refereed as a communication or unilateral mistake. Communication or else unilateral mistake is when each of the parties are mistaken as to the terms determined by the other. In other words a misunderstanding or mistake about the terms of the contract like the description or the price, may fall into this category.
A third category called misrepresentation which differs from the ones stated above may also fall out. This is when one of the parties involved which the other party relies on about the content of the contract, represents untrue statements. In such case this party will have to face legal implications for misrepresentation. However, in Cyprus the innocent party which is protected by the Provisions of Contract Law, cap 149, may also claim to be put into the position he would have been in the case if the material fact of the contract was true.
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