Contracts – Reformation; Sale of Stock 

Posted: 1:00 am Mon, March 22, 2010
By admin
Tags: Contracts

A contract for the sale of corporate stock may not be reformed or rescinded merely because the parties were mistaken about the nature, extent, or value of the corporation’s assets, so long as the information was available to the party seeking relief and there was no fraud or inequitable conduct on the part of the party opposing relief.

Affirmed.

Dissenting, Worke, J. “While I agree with the majority’s conclusion as to the appropriate standard of review and that rescission on the ground of lack of mutual assent is unavailable here, I respectfully disagree with the conclusion that appellants are not entitled to reformation.”