One party to defeat contract for their genuine mistake

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Mistake in Contracts is a touchy subject with people. Many folks think that a genuine mistake on the part of one party (unilateral mistake) should be considered a defense to contract formation. As you have read, unilateral mistake is not a defense to contract formation and only bilateral (where both parties are mistaken) is a defense. Do you think we should allow one party to defeat a contract for their genuine mistake even though the other party is not mistaken and is not at fault in the situation? Why or why not? Please be sure to comment on at least two other students' posts in addition to posting your comment.

Reference no: EM132306454

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