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Podcast: Law School
Episode: Mastering the Bar Exam: Contracts & Sales Law - Defenses to Contract Formation (Module Two)
Description: 1. Mistake.
Unilateral and Mutual Mistake.
A mistake can significantly impact the validity of a contract. It refers to a belief that is not in accord with existing facts. Mistakes can be categorized into two types:
Unilateral Mistake: This occurs when one party is mistaken about a material fact regarding the contract. Generally, a unilateral mistake does not render a contract voidable unless the other party knew or should have known of the mistake or if the mistake was due to a mathematical error made inadvertently and without gross negligence.
Raffles v...