A contract will be set aside for mistake only if one party realized the other party was mistaken at the time of entering the contract.

Question

Quizplus · Accepted Answer

A contract can be set aside for mistake not only if one party realized the other was mistaken, but also if there was a mutual mistake where both parties were mistaken about a fundamental fact regarding the contract, or if there was a unilateral mistake that was material to the contract and the other party either knew or should have known of the mistake.

A Contract Will Be Set Aside for Mistake Only If