One type of bilateral mistake can occur when a word or term in a contract is subject to more than one reasonable interpretation.

Name: One type of bilateral mistake can occur when a word or term in a contract is subject to more than one reasonable interpretation.
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This situation is known as "ambiguity," where a term or phrase in a contract can reasonably be interpreted in more than one way, leading to a bilateral mistake if both parties have different understandings of that term.

One Type of Bilateral Mistake Can Occur When a Word