Asked by Pranav Patel on Jun 05, 2024
Verified
When both of the parties are mistaken about the same material fact, a ______mistake has occurred.
A) fundamental
B) mutual
C) friendly
D) double
Mutual Mistake
A situation in a contract where all parties have a shared misunderstanding regarding a fundamental fact or factor in the agreement.
- Identify the influence of both mutual and material errors on the legitimacy of contractual agreements.
Verified Answer
CL
Christina LoukopoulosJun 11, 2024
Final Answer :
B
Explanation :
A mutual mistake occurs when both parties to a contract are mistaken about the same material fact, affecting the agreement's validity or the performance of the contract.
Learning Objectives
- Identify the influence of both mutual and material errors on the legitimacy of contractual agreements.