Remedy for Mistake in Contractual Relationships

Description

This Skill Bit talks about the remedies for a contract mistake including rescission and rectification. Rescission undoes the contract, returning parties to their pre-contractual positions, typically used in mutual or unilateral mistakes. Rectification corrects the written agreement to reflect the true intentions of the parties, addressing clerical or typographical errors. The choice of remedy depends on the mistake’s nature and the sought relief.

Duration approx. 2 Min.

Tier: advanced