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ARTICLE · 03 NOVEMBER 2021

Investor Required To Return Funds Received For Limited Partnership Units Based On Calculation Mistake

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In certain circumstances, the legal doctrines of common mistake and rectification may provide a remedy to a party who has paid out funds that are based upon admitted errors...

CanadaLitigation, Mediation & Arbitration
James R.G. Cook
James R.G. Cook
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In certain circumstances, the legal doctrines of common mistake and rectification may provide a remedy to a party who has paid out funds that are based upon admitted errors in the formation of a contract. The decision of the Ontario Superior Court of Justice in Delart Investments Ltd. v. Susan Alfred, 2021 ONSC 7061 (CanLII) shows how these doctrines are applied.

In 2004, based on the advice of her financial advisor, the defendant purchased six limited partnership units at $25,000 per unit for a total investment of $150,000. Due to her personal circumstances at the time, she paid little or no attention to the details of the investments.

The investment proved to be a very favourable one. Between 2004 and 2018, there were quarterly distributions paid totaling approximately $368,000.

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