Asked by Kotomi Yasumoto on May 02, 2024
Verified
A bilateral mistake occurs if one party to a contract is mistaken about a material fact and the other party knew or should have known that a mistake was made.
Bilateral Mistake
A misunderstanding where both parties involved in a contract have an incorrect belief about a basic assumption on which the contract is based.
- Determine and contrast unilateral versus bilateral inaccuracies in contracts.
- Gain insight into the idea of material facts and their critical role in the field of contract law.
Verified Answer
ZK
Zybrea KnightMay 05, 2024
Final Answer :
False
Explanation :
A bilateral mistake occurs when both parties to a contract are mistaken about the same material fact within their contract, not when only one party is mistaken and the other knows or should have known about the mistake.
Learning Objectives
- Determine and contrast unilateral versus bilateral inaccuracies in contracts.
- Gain insight into the idea of material facts and their critical role in the field of contract law.
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