Types of Mistakes in Contracts
Learn about common mistakes, mutual mistakes, and unilateral mistakes in contracts. Understand how these mistakes can impact agreements and the importance of distinguishing between them in legal contexts.
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Presentation Transcript
MISTAKE MISTAKE 3 TYPES OF MISTAKES: COMMON MISTAKE MUTUAL MISTAKE UNILATERAL MISTAKE
COMMON MISTAKE Both parties make the same mistake Each knows the intention of the other and accepts it, but each is mistaken about some underlying and fundamental fact Example: the parties are unaware that the subject-matter of their contract has already perished
MUTUAL MISTAKE The parties MISUNDERSTOOD each other & are at cross- purposes Example: A intends to offer to sell his proton saga but B believes that the offer relates to a BMW which A also owns
UNILATERAL MISTAKE In a unilateral mistake, only one of the parties is mistaken. The other knows, or must be taken to know, of his mistake. Suppose, for instance, A agrees to buy from B a specific picture which A believes to be a genuine Constable but which is actually a copy. If B is ignorant of A s erroneous belief, the case is one of mutual mistake, but if he knows of it, it is a unilateral mistake
In reality, there is actually 2 type of mistakes: common mistake mutual or unilateral mistake This distinction is important - if mutual or unilateral mistake is pleaded, the presence of an agreement is admitted In other word, the type of mistakes that has occurred will determine whether there is actually an agreement or otherwise.
