Business Investment Company and Chic Properties,Inc.,contract for the sale of a retail mall.A mutual mistake of fact will make it possible for either party to rescind the contract

Question

Quizplus · Accepted Answer

A mutual mistake of fact that is material can allow either party to rescind the contract, as the mistake would affect the basis of the agreement. An immaterial mistake of fact would not have a significant impact on the contract, so it would not provide grounds for rescission. Under no circumstances would either party be able to rescind the contract if there were no mutual mistake of fact.