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A unilateral mistake is where only one party to a contract is mistaken about the terms or subject-matter contained in a contract. [7] This kind of mistake is more common than other types of mistake. [ citation needed ] One must first distinguish between mechanical calculations and business errors when looking at unilateral mistake.
There are essentially three types of mistakes in contract: Unilateral mistake is where only one party to a contract is mistaken as to the terms or subject-matter. The courts will uphold such a contract unless it was determined that the non-mistaken party was aware of the mistake and tried to take advantage of the mistake. [1]
Hartog v Colin & Shields [1939] 3 All ER 566 is an important English contract law case regarding unilateral mistake.It holds that when it is obvious that someone has made a mistake in the terms of an offer, one may not simply "snap up" the offer and be able to enforce the agreement.
Under the Second Restatement of Contracts, a party may assert a claim for relief from unilateral mistake regarding the terms or conditions of a contract or a liquidated damages clause. Relief for unilateral mistake may be granted if the mistake would render enforcement of the contract unconscionable.
Walker, 66 Mich. 568, 33 N.W. 919 (Mich. 1887), [1] was a case that has played an important role in the evolution of American contract law involving the doctrine of mutual mistake. One of the main issues in the case was whether the remedy of rescission is available if both parties to a contract share a misunderstanding about an essential fact. [2]
Smith v Hughes (1871) on unilateral mistake and the objective approach to interpretation of contracts; Foakes v Beer [1] (1884) on part payments of debt (with a notable dissenting opinion by Lord Blackburn) The Hong Kong Fir (1961) on innominate terms, allowing the court remedial flexibility
First, where a party to a contract exercises an express right of termination, he or she is sometimes said to have exercised a right to rescind the contract. Secondly, where a party is faced with a repudiation, the party can elect to terminate the contract; this too has often been referred to as an election to rescind. "Rescission" at common law.
In any event, one commentator, Spencer, argued that Graucob's representatives knew Miss L’Estrange was making a mistake, and therefore should not have won. He argued refusal to apply the law on unilateral mistake where there is a signature comes from misunderstanding the parol evidence rule and non est factum rules. [7]