Mutual mistake in contract formation vs. unilateral mistake

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Discuss the differences between mutual mistake in a contract formation vs. unilateral mistake. In the words, what are the differences between BOTH side/parties making a mistake vs. only ONE side making a mistake in the formation of a contract, in the initial stages/forming of the contract. What are the legal consequences for each? Give an example of each. Do you think these are fair and equitable consequences/ general legal rules? Are there "built-in" safeguards for fairness?

Reference no: EM13964019

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