Differences: Common Mistake and Unilateral Mistake in Contractual Relationships

Description

This Skill Bit talks about the differences between common mistake and unilateral mistake. A common mistake involves both parties sharing a misunderstanding about the contract’s subject matter, affecting a fundamental aspect. A unilateral mistake occurs when only one party is mistaken about the terms or identity, with the other party potentially exploiting this error. The key difference lies in whether the mistake is shared by both parties or just one.

Duration approx. 3 Min.

Tier: advanced