Contractual mistake: Difference between revisions
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[[File:Gates.png|thumb|right|A stupid [[mistake]], yesterday.]] | [[File:Gates.png|thumb|right|A stupid [[mistake]], yesterday.]] | ||
An area of | An area of [[contract]] law beloved of university professors and their students. | ||
*[[Unilateral mistake]] | *[[Unilateral mistake]] | ||
*[[Mutual mistake]] | *[[Mutual mistake]] | ||
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One thing to be clear: if you make an error what you agree with your counterparty, but your counterparty understands it and agrees it — that’s not a [[contractual mistake]] in a legal sense. It's just your screw up, and you’re stuck with it, barring the good graces of a beneign counterparty who might deign to let you out. You did a bad trade, hotshot. | One thing to be clear: if you make an error what you agree with your counterparty, but your counterparty understands it and agrees it — that’s not a [[contractual mistake]] in a legal sense. It's just your screw up, and you’re stuck with it, barring the good graces of a beneign counterparty who might deign to let you out. You did a bad trade, hotshot. | ||
{{ | {{sa}} | ||
*{{isdaprov|Counterparts and Confirmations}} (Section {{isdaprov|9(e)}})in the ISDA master agreement, addressing the question ''who'' is the contracting party and what counts as a mistake. Trader is; settlements and confirmations dude in ops isn't. | *{{isdaprov|Counterparts and Confirmations}} (Section {{isdaprov|9(e)}})in the ISDA master agreement, addressing the question ''who'' is the contracting party and what counts as a mistake. Trader is; settlements and confirmations dude in ops isn't. | ||
Latest revision as of 13:30, 14 August 2024
An area of contract law beloved of university professors and their students.
One thing to be clear: if you make an error what you agree with your counterparty, but your counterparty understands it and agrees it — that’s not a contractual mistake in a legal sense. It's just your screw up, and you’re stuck with it, barring the good graces of a beneign counterparty who might deign to let you out. You did a bad trade, hotshot.
See also
- Counterparts and Confirmations (Section 9(e))in the ISDA master agreement, addressing the question who is the contracting party and what counts as a mistake. Trader is; settlements and confirmations dude in ops isn't.