Court of Chancery Denies Cancellation of Guaranty

Posted on December 15, 2006 by Edward M. McNally
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Union Oil Company of California v. Mobil Pipeline Company, C.A. No. 19395-N (Del. Ch. December 15, 2006).

In this fact intensive decision the Court of Chancery reviewed the Delaware law on contract construction and remedies. It upheld the general rule that the unilateral mistake of one party to a contract that is not known by the other party will not justify the cancellation of the contract on the basis of that mistake.

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