Examlex
A check involves 3 parties: a maker who signs the check, a payee who is the recipient, and a bank on which the check is drawn.
Peerless Case
A reference to Raffles v. Wichelhaus, a landmark court case that dealt with mutual mistake in contract law, specifically regarding the identity of a ship named Peerless.
Rescinded Contract
A contract that has been declared void and is no longer legally binding, often due to mutual agreement or legal reasons.
Mutual Mistake
A situation in contract law where all parties involved have a shared erroneous belief concerning a basic assumption on which the contract was made.
Unilateral Mistake
A situation where only one party to a contract is mistaken about a fundamental fact or term of the contract.
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