Ian Smith, a Businessman, Filed for Bankruptcy

question 77

Essay

Ian Smith, a businessman, filed for bankruptcy. With an intention to start over, he did not reveal his estate in Fleetwood in the bankruptcy proceedings. However, the estate was found out by the mortgage firms and was listed to be sold to return Ian's debts. Discuss if Ian can be charged for felony in this case.

---

Definitions:

Unilateral Mistake

A misunderstanding by one party in a contract that does not affect the other party's understanding, often not providing grounds for contract cancellation.

Stradivarius Violin

A Stradivarius violin refers to one of the string instruments built by members of the Stradivari family, particularly by Antonio Stradivari, renowned for their superb craftsmanship and powerful sound qualities, highly prized and valuable.

Fraud in the Inducement

A deceitful practice where one party intentionally misleads another to enter into a contract, thereby causing harm.

Unilateral Mistake

A situation in contract law where only one party to a contract is mistaken about the terms or conditions contained in the contract agreement.