Under common law,if both parties to a contract are mistaken about the quality or value of the subject matter of the contract,the most likely result is that:

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In cases where both parties are mistaken about the quality or value of the subject matter of the contract, the contract remains valid unless the mistake was induced by one party or there is a fundamental mistake about the subject matter. This is known as a non-fundamental mistake or a mutual mistake, which does not invalidate the contract.

Under Common Law,if Both Parties to a Contract Are Mistaken