Final answer:
A significant mistake in value often allows a party to cancel a contract, ensuring that obligations under the contract are not unfairly enforced given the mistake. The legal system also ensures due process and equal protection while dealing with contract cancellations.
Step-by-step explanation:
A significant mistake in value will usually enable a party to cancel a contract. In the context of contract law, if a mistake is so substantial that it affects the foundation of the agreement, it can impair the obligation of the contract, leading parties to seek its cancellation. However, the right to cancel a contract under such circumstances is not absolute, as the law seeks to protect the equal rights of all parties and ensure that no one is unjustly enriched at the expense of another. Additionally, legal standards require that such actions do not abridge the privileges or immunities of citizens or deny due process and equal protection of the laws.