Practice point: For a party to be entitled to reformation on the ground of mutual mistake, it must be material, that, is, it must involve a fundamental assumption of the contract.
Students should note that a party need not establish that the parties entered into the contract because of the mistake, only that it vitally affects a fact or facts on the basis of which the parties contracted.
Asset Mgt & Capital Co., Inc. v. Nugent , NY Dept. 2011
Tomorrow’s issue is dismissals.
