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Which of the following mistakes would result in the rescission of the contract?

A. A bilateral mistake of material fact
B. A unilateral mistake of material fact
C. A unilateral mistake of value
D. A unilateral mistake of law

1 Answer

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A unilateral mistake of value is the mistakes that would result in the rescission of the contract. Thus, option C is correct.

A contract is an agreement that defines specific, legally binding rights and duties for two or more mutually consenting parties. A contract typically calls for the exchange of goods, amenities, or capital, or the promise to exchange any of these at a later period.

A unilateral mistake happens when just one party is incorrect about the subject or the conditions of the commercial agreement. This form of error is more prevalent than other types of contract errors, such as a joint mistake, an error recognized by both parties.

A unilateral mistake of value is one that would result in the contract being cancelled. As a result, option C is right.

Learn more about the contract, refer to:

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