PATRICK PETROLEUM OF MICH. v. CALLON PETROLEUM CO.

No. 75-1461.

531 F.2d 1312 (1976)

PATRICK PETROLEUM CORPORATION OF MICHIGAN, Plaintiff-Appellee, v. CALLON PETROLEUM COMPANY, Defendant-Appellant.

United States Court of Appeals, Fifth Circuit.

Rehearing and Rehearing Denied July 2, 1976.


Attorney(s) appearing for the Case

Dale H. McKibben, Jackson, Miss., for defendant-appellant.

Walker L. Watters, Jackson, Miss., for plaintiff-appellee.

Before WISDOM, GODBOLD and LIVELY, Circuit Judges.


Rehearing and Rehearing En Banc Denied July 2, 1976.

GODBOLD, Circuit Judge.

A seller and a buyer of gas well interests agreed on a damage formula to cover possible mistakes in the transaction. A highly material mistake of fact underlying the contract came to light. Should a court grant rescission under the principle that when parties enter into a contract as the result of a mutual mistake about a material fact, a court of equity may set the contract aside...

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