In the area of mistake, distinguishing between unilateral and mutual mistakes is important because the classification bears on which contracts are voidable.
A mistake in contract law is an incorrect assumption that particular facts are true at the time of contracting. If it is successfully asserted as a defence, the agreement in issue may be ruled to be void ab initio or voidable. Alternatively, the courts may give an equitable remedy.
A mistake is unilateral if it is being made by just one individual, whether it be in law or reality. Of the three errors, this one occurs the most frequently.
Mutual mistake is defined as when both parties engage into a contract but are equally misinformed about the same contract conditions. The most well-known instance of mutual error is Raffles v. Wichelhaus, which illustrated the Peerless Rule.
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