When both parties to a contract are mistaken about the same material fact, the contract can be rescinded by either party.

Name: When both parties to a contract are mistaken about the same material fact, the contract can be rescinded by either party.
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When both parties are mistaken about a fundamental fact, it is considered a mutual mistake, which can make the contract voidable and allow either party to rescind it.

When Both Parties to a Contract Are Mistaken About the Same