Examination Timing: 00H00M06S
John, a lawyer for Company X, negotiates a sale agreement to purchase the shares in Company Y. During the preparation of the final execution version, John amends one of its non-substantial provisions to reflect an agreed term, but this amendment does not have the intended effect. Both parties sign the document.
What is likely to be the status of the contract?
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The contract is likely to be enforceable. If a mistake in a contract is not an essential or radical difference in its subject matter (Kyle Bay Ltd v Underwriters [2007] EWCA Civ 57), does not invalidate the transaction (Fender v National Westminster Bank Plc [2008] EWHC 2242), and is still capable of being performed (Great Peace Shipping Ltd v Tsavliris Salvage Ltd [2002] EWCA Civ 1407), then the contract will still be enforceable.
Key Point: A mistake in a contract that does not fundamentally alter the nature of the agreement and still allows for performance does not render the contract void or voidable.
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