A ________ exists if both parties know the object of the contract but are mistaken as to its value.

Question

Quizplus · Accepted Answer

A mutual mistake of a value exists when both parties know the object of the contract, but are mistaken as to its value. This is different from a mutual mistake of a material fact, which involves a mistake about a fundamental aspect of the contract itself, and a mutual mistake of identity, which occurs when the parties are mistaken as to the identity of the other party or the subject matter of the contract. A unilateral mistake involves only one party being mistaken, while a unilateral mistake of value refers to a situation where one party is mistaken as to the value, but the other party is not.

A ________ Exists If Both Parties Know the Object of the Contract