Mistakes
of Fact
Only a Mistake of Fact
allows a contract to be canceled.
Bilateral (Mutual)
Mistakes can be rescinded by either party.
Unilateral Mistakes cannot
be canceled unless:
If other party to the contract
knows or should have known that a mistake of fact was made.
If mistake was due to
mathematical mistake in addition, summation, subtraction, division, or
multiplication and was made inadvertently and without gross negligence.
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