Mistake

Question 1

What is it

Answer 1

When one or more parties enters a contract, are mistaken about a fact, would not have entered if it wasn’t for the fact

Question 2

Competing policy interests at play

Answer 2

1. Do not want to allow parties to simply walk away by asserting mistake
2. If it was a genuine mistake then no meeting of the minds

Question 3

Common mistake

Answer 3

Both parties are wrong about a fact

Question 4

Mutual mistake

Answer 4

Both parties are mistaken but not about the same thing

Question 5

Unilateral mistake

Answer 5

Only one party is mistaken
- Relief only available if the other party knows of the mistake

Question 6

Cannot be used to escape a bad bargain

Question 7

Factors to consider

Answer 7

1. was there a mistake at the time the contract was entered into
2. what was the nature of the mistake - fact or law
3. Is P seeking to invoke common law or equitable principles
4. What is the nature of the remedy being sought

Question 8

Mistake of Law

Answer 8

Restitution