Utah Unilateral Mistake is an error made by one party to a contract that renders the contract voidable. This type of mistake can occur when one party of a contract has a mistaken understanding of the contract’s terms or has misunderstood the other party’s intentions. The mistake must be so serious that an ordinary person would not have agreed to the contract had they known the true facts. There are two types of Utah Unilateral Mistake: mutual mistake and unilateral mistake. Mutual mistake occurs when both parties to the contract make a mistake regarding a material fact, and unilateral mistake occurs when only one party to the contract makes a mistake regarding a material fact.
Utah Unilateral mistake
State:
Utah
Control #:
UT-JURY-CV-2130
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Word
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Unilateral mistake
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FAQ
Unilateral mistake refers to a mistake made by one party to a contract, while bilateral mistake refers to a mistake made by both parties. For example, if a buyer purchases a painting, believing it to be a genuine Picasso, but it turns out to be a , that is a unilateral mistake.
A unilateral mistake occurs where one party is aware of the mistake but doesn't inform the other party. If the mistake is significant enough, courts can declare the contract void.
A unilateral mistake example could include when one party misunderstands what the terms of a contract are and because of that, leads to a breach of contract. This is in comparison to a bilateral mistake which occurs when both parties are mistaken about components of the contract.
Unilateral Mistake of Law If only one party is mistaken, the mistake is a ?unilateral mistake? of law. One may rescind for a unilateral mistake of law only if the other party knows of, but does not correct, and takes advantage of or unfairly obtain the benefit of the rescinding party's mistake of law.
Unilateral mistake is a common law doctrine that applies when one party is mistaken about the terms of the contract and the other party knows or must be taken to have known of the mistake.
Unilateral contract examples Insurance contracts are one example of a unilateral contract. When you take out, say, home insurance, the company promises to pay you a specific amount of money if something happens to your home.
If a contract was entered into on the basis of a unilateral mistake, it could result in a lawsuit that provides the mistaken party with various remedies, such as contract rescission or contract reformation.