ABSTRACT
Facts: The parties were formerly in partnership, and the plaintiff by agreement withdrew from the partnership. By agreement dated 10 November 1981 it was accepted that up to 11 September 1981, the date of dissolution, each partner had achieved an operating profit of $14,300 inclusive of his initial capital contribution viz $2,000. Further it was agreed the plaintiff would receive $8,300 upon the execution of the agreement and the balance of $6,000 would be paid in instalments. The agreement was entered into in good faith. However, it transpired that in calculating the nature of work at hand an error had been made. The total profit to the partnership to 10 September 1981 amounted to only $14,065.86: therefore the plaintiffs share was considerably less than the agreement had provided. The money was not paid, the plaintiff sued for it. The defendants pleaded that the agreement was unenforceable as it was signed under a mistaken view of fact. First and second defendants counterclaimed for a refund of the excess money paid under the agreement and asked for a declaration that the agreement was unenforceable.
