A Bilateral Mistake Occurs If One Party to a Contract

question 40

True/False

A bilateral mistake occurs if one party to a contract is mistaken about a material fact and the other party knew or should have known that a mistake was made.

---

Definitions:

Legal Arrangement

Agreements or structures established under law for managing and organizing rights, responsibilities, and relationships.

Ownership of Property

The legal right or title to possess, use, and enjoy a specified piece of land or goods.

Trademark Law

The area of law that deals with the registration, protection, and enforcement of trademarks, which distinguish goods and services of one entity from those of others.

Distinctive Marks

Identifying traits or symbols that set something apart from others, often used in branding or for identification purposes.