Question

l Koodo @ 69%-D. 11:33 PM learn.nic.bc.ca 1. What is consideration and what is meant by the term "the exchange of consideration"? What makes a valid offer? Explain the term revocation and counteroffer. 2. Describe the different ways a contract can be discharged. Distinguish between discharge by agreement and discharge by frustration. Under what circumstances are these different from breach of contract? Regarding "breach of contract by improper or incomplete performance", describe any situations where a victim of a breach may treat the contract as st binding. When does the non-breaching party lose the right to discharge the contract? 3. What is the difference between "conditions" and warranties" and when might the parties treat a breach of a condition as a breach of warranty? What is a "shared mistake?"

Answer 1

3.

Conditions :

Stipulations that are essential for the main purpose of the contract.Non full fillment of such will mean loss of foundation of such contract these are termed as Conditions.where as Warranty is collateral to the main purpose of the contract.

Parties treating breach of contract as breach of warranty:

Where a contract of sale is subject to any condition to be fulfilled by the seller, the buyer may waive the condition or may elect to treat the breach of such condition as a breach of warranty and not as a ground for treating the contract as repudiated.

A mutual mistake occurs when the parties to a contract are both mistaken about the same fact within their contract.

As per my knowledge their is nothing called shared mistake.

Please do consider my efforts and give it an up-vote.Thank you.