Unilateral mistake (where the party not laboring under the mistake is not aware

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true or false

May 25th, 2015

True.

In a unilateral mistake, both parties have agreed to a standard term, but one party believes that term refers to something else. It's very common, unfortunately.

THe best example, the one you find in textbooks, is the "screw" example. If a contract specifies the use of screws to build a deck, Party A may think of one type of screw and Party B may think of a different type of screw. If Party A is correct, but both parties don't think to specify, it's a unilateral mistake :)

May 25th, 2015

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May 25th, 2015
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May 25th, 2015
Jun 25th, 2017
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