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Mutual Mistake
A situation in contract law where all parties involved have a shared erroneous belief concerning a basic assumption on which the contract was made.
Unilateral Mistake
A situation where only one party to a contract is mistaken about a fundamental fact or term of the contract.
Equity
The value of an ownership interest in property, including shareholders' equity in a corporation or owners' equity in property, or fairness and justice as applied in the legal system.
Unilateral Mistake
A contract law principle where an error made by one party does not affect their understanding of key terms or obligations, affecting the contract's enforceability.
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