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Legal Definitions
Term: common mistake
1.
Common mistake is a cause of action based on a false understanding held by both or all parties to the contract as to a state of affairs at the formation of a contract . The contract is able to be set aside because there was no consensus ad idem between the parties at the time the contract was formed.
The contract may be held to be void at common law or voidable in equity on particular terms.
Usage: The parties rescinded the contract on the basis of the common mistake that the purchaser already owned the goods that were the subject of the contract.
Related Words: mistake of fact; mistake of law; mutual mistake; unilateral mistake; contract; rectification; non est factum.
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