Distinguishing between unilateral and mutual mistakes is important because the classification bears on which contracts ________.
A)are void
B)are voidable
C)lack consideration
D)lack legality
E)are entitled to enforcement in a court of equity

Question

Quizplus · Accepted Answer

A mistake is an erroneous belief about the facts of a contract at the time the contract is concluded.Mistakes in contracts may be classified as either unilateral or mutual.A unilateral mistake is the result of an error by one contracting party about a material fact,while a mutual mistake is shared by both parties to the agreement.The distinction between unilateral and mutual mistakes is important in determining which contracts are voidable.

Distinguishing Between Unilateral and Mutual Mistakes Is Important Because the Classification