Question

Fill in the Blank

Believing something is worth more than it is, is a mistake of __________________________ fact/ value. When parties contract, their agreement establishes the worth of the object of their contract for the moment. The next moment, the worth may change. Either party may be mistaken as to what the change may be. This is a mistake of _____________________________________ fact/ value. Under such a mistake, a contract _______________________________ cannot/ may be avoided. Mistakes as ______________________________ fact/ value will almost never justify voiding a contract.

Answer 1

Believing something is worth more than it is, is a mistake of Value. When parties contract, their agreement establishes the worth of the object of their contract for the moment. The next moment, the worth may change. Either party may be mistaken as to what the change may be. This is a mistake of fact. Under such a mistake, a contract may be avoided. Mistakes as fact will almost never justify voiding a contract.

The reason as why i put value in first blank is because what the sentence signified was of the value and not the fact. Also mistake of fact means contract can be avoided.