Practice point: The stipulation is a contract, enforceable according to its terms. A court will relieve a party from the consequences of the stipulation only where there is sufficient cause to invalidate a contract, such as fraud, collusion, mistake or accident. It is unlikely that the stipulation will be put aside where the stipulation's terms were read into the record, and the party moving to vacate was represented by counsel.
Student note: While a contract entered into under a mutual mistake of fact is voidable and subject to rescission, courts likely will not vacate agreements on the ground of unilateral mistake where the mistake was the result of negligence or the failure to exercise ordinary care.
Case: ATS-1 Corp. v. Rodriguez, NY Slip Op 08651 (2d Dep't December 13, 2017)
Here is the decision.
