Where there is a mutual mistake, there is essentially deemed to be no contract, why is this the case?

Question

Quizplus · Accepted Answer

A mutual mistake occurs where both parties are mistaken as to some essential element of the contract. This means that there is no agreement or "consensus ad idem" between the parties as to the terms of the contract. Without this mutual understanding, there can be no binding contract. Therefore, the contract is considered void ab initio (from the start) and cannot be enforced by either party.

Where There Is a Mutual Mistake, There Is Essentially Deemed