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Agreement Caused By Mutual Mistake Is Void

Who has the risk by contract? Who bears the risk through habit? Restatement (Second) Contracts § 154 deals with this scenario. In some cases, errors in the duration of the contract cause the parties to be uns sure of their respective obligations under a contract. If this misunderstanding is sufficiently serious, so that it cannot reasonably be considered that the parties have had a “meeting of minds”, the contract will not be applicable. [11] Misinterpretations are usually due to fraud, as one of the parties claims to be someone they are not. There is therefore an overlap with the law of misrepresentation and whether a contract is cancelled or countervailable. There is a mutual error when the parties to a contract are wrong in their contract on the same essential fact. They are different. .

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