unilateral mistake
- A situation that occurs when one person involved in a contract forms a false understanding or impression of facts related to the contract. Typically, this misunderstanding is not reason enough to change or revoke the contract unless it gives an undue advantage or financial gain to the other party
- The unilateral mistake in the rental agreement was identified when the renter misunderstood the pet clause.
- John argued he made a unilateral mistake when signing the contract, as he misread the interest rate on the loan.
- Due to a unilateral mistake, the business deal led to increased profit for one company as their partner misunderstood the pricing arrangement.
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