mistake Hear it!

mistake definition - legal

n

In contract law, a factual misunderstanding that may lead to a failure of a meeting of the minds.
mistake of fact
Improper understanding of a fact that is material to a contract.
mistake of law
Improper understanding of the law as applied to facts as to which a party has a correct and full understanding.
mutual mistake
A mistake in which each party has an incorrect understanding of the otherÂ’s position, or in which both parties share the same mistaken belief, generally a basis for canceling the contract.
unilateral mistake
A mistake by only one party to a contract as to the underlying facts of the agreement, not generally a basis for avoiding the contract.

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

Comments
Improve this definition.
Do you have more to add? Share your linguistic knowledge or observation.
/Register to save your comments.